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Note 16 - Reserves for Losses and Loss Adjustment Expenses | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Insurance Disclosure [Text Block] |
NOTE 16. | 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:
|  | 2021 |  |  | 2020 |
Losses and LAE at January 1 |  | $ | 2,492,334 |  |  | $ | 1,203,493 |
Provision for losses and LAE claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 698,075 |  |  |  | 2,221,844 |
Prior year |  |  | 664,229 |  |  |  | 794,622 |
Total incurred |  |  | 1,362,304 |  |  |  | 3,016,466 |
Losses and LAE payments for claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 1,259,276 |  |  |  | 1,182,375 |
Prior years |  |  | 873,836 |  |  |  | 444,630 |
Total payments |  |  | 2,133,112 |  |  |  | 1,627,005 |
Less reinsurance recoverable |  |  | 340,000 |  |  |  | 100,620 |
Losses and LAE at December 31 |  | $ | 1,381,526 |  |  | $ | 2,492,334 |
For the year ended December 31, 2021, $873,836 was paid for incurred losses and loss adjustment expenses attributable to insured events of prior years. There has been a $1,170,001 favorable prior year development during the year ended December 31, 2021. Reserves remaining as of December 31, 2021, for prior years are $664,229 as a result of re-estimation of unpaid losses and loss adjustment expenses. For the year ended December 31, 2020, $444,630 was paid for incurred losses and loss adjustment expenses attributable to insured events of prior years. There was a $167,000 favorable prior year development during the year ended December 31, 2020. Reserves remaining as of December 31, 2020, for prior years were $794,622 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 defaults in the default inventory, including the impact of previously identified defaults that cured. Original estimates are increased or decreased as additional information becomes known regarding individual losses. At December 31, 2021 and 2020 reinsurance recoverables were $340,000 and $100,620, 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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