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Note 16 - Reserves for Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes Tables |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] |
|  | 2023 |  |  | 2022 |
Gross reserve for unpaid losses and loss adjustment expenses, beginning of year |  | $ | 2,105,579 |  |  | $ | 1,721,526 |
Less: reinsurance recoverable on unpaid losses |  |  | 415,000 |  |  |  | 340,000 |
Net reserve for unpaid losses and loss adjustment expenses, beginning of year |  |  | 1,690,579 |  |  |  | 1,381,526 |
Incurred losses and loss adjustment expenses: |  |  |  |  |  |  |  |
Current year |  |  | 2,411,846 |  |  |  | 1,682,424 |
Prior year |  |  | (367,411 | ) |  |  | (150,131 | )
Total net losses and loss adjustment expense incurred |  |  | 2,044,435 |  |  |  | 1,532,293 |
Payments: |  |  |  |  |  |  |  |
Current Year |  |  | 532,062 |  |  |  | 381,414 |
Prior Year |  |  | 752,579 |  |  |  | 841,826 |
Total Payments: |  |  | 1,284,641 |  |  |  | 1,223,240 |
Net reserves for unpaid losses and loss adjustment expenses, end of year |  |  | 2,450,373 |  |  |  | 1,690,579 |
Reinsurance recoverable on unpaid losses, net of allowance |  |  | 3,283,071 |  |  |  | 415,000 |
Gross reserves for unpaid losses and loss adjustment expenses, end of year |  | $ | 5,733,444 |  |  | $ | 2,105,579 |

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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- References No definition available. + Details
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