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Note 17 - Reserves for Losses and Loss Adjustment Expenses | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Insurance Disclosure [Text Block] |
NOTE 17. | RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES
The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses ("LAE") for the years ended December 31:
|  | 2020 |  |  | 2019 |
Losses and LAE at beginning of year |  | $ | 1,203,493 |  |  | $ | 360,514 |
Provision for losses and LAE claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 2,221,844 |  |  |  | 1,590,858 |
Prior year |  |  | 694,002 |  |  |  | 123,044 |
Total incurred |  |  | 2,915,846 |  |  |  | 1,713,902 |
Losses and LAE payments for claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 1,182,375 |  |  |  | 856,778 |
Prior years |  |  | 444,630 |  |  |  | 14,145 |
Total payments |  |  | 1,627,005 |  |  |  | 870,923 |
Losses and LAE at end of year |  | $ | 2,492,334 |  |  | $ | 1,203,493 |
For the year ended December 31, 2020, $444,630 was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been a $168,846 favorable prior year development during the year ended December 31, 2020. Reserves remaining as of December 31, 2020 for prior years are $694,002 as a result of re-estimation of unpaid losses and loss adjustment expenses. For the year ended December 31, 2019, $14,145 was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There was a $223,137 favorable prior year development during the year ended December 31, 2019. Reserves remaining as of December 31, 2019 for prior years were $123,044 as a result of re-estimation of unpaid losses and loss adjustment expenses. In both periods, the favorable prior years' loss development was the result of a re-estimation of amounts ultimately to be paid on prior year losses and loss adjustment expense. Original estimates are increased or decreased as additional information becomes known regarding individual claims. Reinsurance recoverables of $100,620 and $120,000 are included within Loss and Loss Adjustment Reserves as of December 31, 2020 and 2019, respectively.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI http://asc.fasb.org/topic&trid=2303980 + Details
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