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Note 15 - Reserves for Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2023
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, 2023 and 2022:
|  | 2023 |  |  | 2022 |
Losses and LAE at January 1 |  | $ | 1,690,579 |  |  | $ | 1,381,526 |
Provision for losses and LAE claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 1,281,128 |  |  |  | 943,706 |
Prior year |  |  | 885,000 |  |  |  | 887,500 |
Total incurred |  |  | 2,166,128 |  |  |  | 1,831,206 |
Losses and LAE payments for claims arising in: |  |  |  |  |  |  |  |
Current year |  |  | 974,960 |  |  |  | 100,277 |
Prior years |  |  | 228,117 |  |  |  | 938,472 |
Total payments |  |  | 1,203,077 |  |  |  | 1,038,749 |
Less reinsurance recoverable |  |  | 455,000 |  |  |  | 365,000 |
Losses and LAE at September 30, |  | $ | 2,198,630 |  |  | $ | 1,808,983 |
For the nine months ended September 30, 2023, $228,117 was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been a $1,117 unfavorable prior year development during the nine months ended September 30, 2023. Reserves remaining as of September 30, 2023 for prior years are $885,000 as a result of re-estimation of unpaid losses and loss adjustment expenses. For the nine months ended September 30, 2022, $938,472 was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There was a $528 favorable prior year development during the nine months ended September 30, 2022. Reserves remaining as of September 30, 2022 for prior years were $887,500 as a result of re-estimation of unpaid losses and loss adjustment expenses. In both periods, unfavorable and favorable prior year 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 were $455,000 and $365,000 at September 30, 2023 and September 30, 2022, respectively, and are included within Loss and Loss Adjustment Reserves.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479838/944-20-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479584/944-310-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479584/944-310-50-3 + Details
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