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Statutory Restrictions on Consolidated Stockholders' Equity and Investments | 12 Months Ended
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Dec. 31, 2022
Statutory Restrictions on Consolidated Stockholders' Equity and Investments [Abstract] |
Statutory Restrictions on Consolidated Stockholders' Equity and Investments | Statutory Accounting and Restrictions on Consolidated Shareholders’ 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 $235.6 million and $223.3 million as of December 31, 2022 and 2021, respectively. Net income on a statutory basis was $35.6 million and $54.4 million and for the years ended December 31, 2022 and 2021, respectively. The Company has designated approximately $53.3 million and $49.5 million of retained earnings as of December 31, 2022 and 2021, respectively, as appropriated to reflect the required statutory premium and supplemental reserves. Refer to Note 8 for the tax treatment of the statutory premium reserve. As of December 31, 2022 and 2021, approximately $110.3 million and $117.9 million, respectively, of consolidated shareholders’ 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 2023, the maximum distributions the insurance subsidiaries can make to the Company without prior approval from applicable regulators total approximately $30.9 million. Fixed maturity securities with fair market values totaling approximately $6.7 million and $7.0 million at December 31, 2022 and 2021, respectively, are deposited with the insurance departments of the states in which business is conducted.

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