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Note 15 - Reserves for Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Insurance Disclosure [Text Block] | NOTE 15. 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 nine months ended September 30:
|  | 2021 |  |  | 2020 |
Losses and LAE at January 1 |  | $ | 2,492,334 |  |  | $ | 1,203,493 |
Provision for losses and LAE claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 693,750 |  |  |  | 1,182,651 |
Prior year |  |  | 578,302 |  |  |  | 1,054,890 |
Total incurred |  |  | 1,272,052 |  |  |  | 2,237,541 |
Losses and LAE payments for claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 1,065,955 |  |  |  | 594,600 |
Prior years |  |  | 691,410 |  |  |  | 431,821 |
Total payments |  |  | 1,757,365 |  |  |  | 1,026,421 |
Losses and LAE at September 30 |  | $ | 2,007,021 |  |  | $ | 2,414,613 |
For the nine months ended September 30, 2021, $691,410 was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been a $489,424 favorable prior year development during the nine months ended September 30, 2021. Reserves remaining as of September 30, 2021 for prior years are $578,302 as a result of re-estimation of unpaid losses and loss adjustment expenses. For the nine months ended September 30, 2020, $431,821 was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There was a $80,600 unfavorable prior year development during the nine months ended September 30, 2020. Reserves remaining as of September 30, 2020 for prior years were $1,054,890 as a result of re-estimation of unpaid losses and loss adjustment expenses. In both periods, the 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. At September 30, 2021, we did not have any reinsurance recoverables recorded. Reinsurance recoverables were $120,000 as of September 30, 2020.

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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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