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Note 15 - Reserves for Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2024
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, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Gross reserve for unpaid losses and loss adjustment expenses, beginning of year |  | $ | 5,733,444 |  |  | $ | 2,105,579 |
Less: reinsurance recoverable on unpaid losses |  |  | 3,283,071 |  |  |  | 415,000 |
Net reserve for unpaid losses and loss adjustment expenses, beginning of year |  |  | 2,450,373 |  |  |  | 1,690,579 |
Incurred losses and loss adjustment expenses: |  |  |  |  |  |  |  |
Current year |  |  | 1,892,367 |  |  |  | 2,426,208 |
Prior year |  |  | 395,263 |  |  |  | (535,609 | )
Total net losses and loss adjustment expense incurred |  |  | 2,287,630 |  |  |  | 1,890,599 |
Payments: |  |  |  |  |  |  |  |
Current year |  |  | 525,389 |  |  |  | 1,010,637 |
Prior year |  |  | 1,055,526 |  |  |  | 371,910 |
Total payments: |  |  | 1,580,915 |  |  |  | 1,382,547 |
Net reserves for unpaid losses and loss adjustment expenses, end of year |  |  | 3,157,088 |  |  |  | 2,198,631 |
Reinsurance recoverable on unpaid losses, net of allowance |  |  | 1,816,021 |  |  |  | 479,000 |
Gross reserves for unpaid losses and loss adjustment expenses, end of year |  | $ | 4,973,109 |  |  | $ | 2,677,631 |
For the nine months ended September 30, 2024 and September 30, 2023 , there was an unfavorable and favorable prior year’s loss development which 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.

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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/1943274/2147477363/944-310-50-3 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/1943274/2147477363/944-310-50-3 + Details
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