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Statutory Restrictions on Consolidated Stockholders' Equity and Investments | 12 Months Ended
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Dec. 31, 2016
Statutory Restrictions on Consolidated Stockholders' Equity and Investments [Abstract] |
Statutory Restrictions on Consolidated Stockholders' Equity and Investments | Statutory Accounting and Restrictions on Consolidated Stockholders’ Equity and Investments The Consolidated Financial Statements have been prepared in conformity with GAAP, which differ in some respects from statutory accounting practices prescribed or permitted in the preparation of financial statements for submission to insurance regulatory authorities. Combined capital and surplus on a statutory basis was $152,700,227 and $133,363,375 as of December 31, 2016 and 2015, respectively. Net income on a statutory basis was $17,863,815, $13,621,174 and $9,737,634 for the twelve months ended December 31, 2016, 2015 and 2014, respectively. The Company has designated approximately $53,190,000 and $50,508,000 of retained earnings as of December 31, 2016 and 2015, respectively, as appropriated to reflect the required statutory premium and supplemental reserves. See Note 8 for the tax treatment of the statutory premium reserve. As of December 31, 2016 and 2015, approximately $88,323,000 and $89,489,000, respectively, of consolidated stockholders’ equity represents net assets of the Company’s subsidiaries that cannot be transferred in the form of dividends, loans or advances to the parent company under statutory regulations without prior insurance department approval. During 2017, the maximum distributions the insurance subsidiaries can make to the Company without prior approval from applicable regulators total approximately $18,234,000. Bonds totaling approximately $6,843,000 and $7,159,000 at December 31, 2016 and 2015, respectively, are deposited with the insurance departments of the states in which business is conducted.

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