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3. Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments [Abstract]

Schedule of available for sale securities

		June 30, 2019
																						Net
		Cost or				Gross				Gross Unrealized Losses								Estimated				Unrealized
		Amortized				Unrealized				Less than 12				More than 12				Fair				Gains/
Category		Cost				Gains				Months				Months				Value				(Losses)
Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies		$	8,236,255			$	142,388			$	-			$	(1,557	)		$	8,377,086			$	140,831
Political subdivisions of States,
Territories and Possessions			5,675,418				167,952				-				(309	)			5,843,061				167,643
Corporate and other bonds
Industrial and miscellaneous			126,095,235				4,106,946				(14,450	)			(84,187	)			130,103,544				4,008,309
Residential mortgage and other
asset backed securities (1)			20,078,720				317,871				(8,750	)			(376,663	)			20,011,178				(67,542	)
Total		$	160,085,628			$	4,735,157			$	(23,200	)		$	(462,716	)		$	164,334,869			$	4,249,241

(1) In 2017, KICO placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York ("FHLBNY") (See Note 7). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHBLNY credit line. As of June 30, 2019, the estimated fair value of the eligible investments was approximately $5,354,000. KICO will retain all rights regarding all securities if pledged as collateral. As of June 30, 2019, there was no outstanding balance on the FHLBNY credit line.

		December 31, 2018
																						Net
		Cost or				Gross				Gross Unrealized Losses								Estimated				Unrealized
		Amortized				Unrealized				Less than 12				More than 12				Fair				Gains/
Category		Cost				Gains				Months				Months				Value				(Losses)
Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies		$	8,222,050			$	26,331			$	(28,000	)		$	-			$	8,220,381			$	(1,669	)
Political subdivisions of States,
Territories and Possessions			6,339,540				50,903				(12,327	)			(36,508	)			6,341,608				2,068
Corporate and other bonds
Industrial and miscellaneous			119,078,698				123,740				(2,775,540	)			(676,605	)			115,750,293				(3,328,405	)
Residential mortgage and other
asset backed securities (1)			21,790,973				236,502				(231,229	)			(331,012	)			21,465,234				(325,739	)
Total		$	155,431,261			$	437,476			$	(3,047,096	)		$	(1,044,125	)		$	151,777,516			$	(3,653,745	)

(1) In 2017, KICO placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the FHLBNY (see Note 7). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHBLNY credit line. As of December 31, 2018, the estimated fair value of the eligible investments was approximately $5,116,000. KICO will retain all rights regarding all securities if pledged as collateral. As of December 31, 2018, there was no outstanding balance on the FHLBNY credit line.

Schedule of equity securities

		June 30, 2019
						Gross				Gross				Estimated
Category		Cost				Gains				Losses				Fair Value
Equity Securities:
Preferred stocks		$	9,445,572			$	175,517			$	(58,389	)		$	9,562,700
Common stocks and exchange
traded mutual funds			12,809,216				1,045,871				(678,837	)			13,176,250
Total		$	22,254,788			$	1,221,388			$	(737,226	)		$	22,738,950

		December 31, 2018
						Gross				Gross				Estimated
Category		Cost				Gains				Losses				Fair Value
Equity Securities:
Preferred stocks		$	6,694,754			$	-			$	(541,798	)		$	6,152,956
Common stocks and exchange
traded mutual funds			11,611,232				99,817				(1,291,389	)			10,419,660
Total		$	18,305,986			$	99,817			$	(1,833,187	)		$	16,572,616

Schedule of available for sale securities by contractual maturity

		June 30, 2019								December 31, 2018
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	11,167,387			$	11,188,535			$	6,742,519			$	6,738,014
One to five years			47,828,173				48,719,017				47,038,838				46,640,012
Five to ten years			79,000,901				82,414,899				76,884,505				74,290,076
More than 10 years			2,010,447				2,001,240				2,974,426				2,644,180
Residential mortgage and other asset backed securities			20,078,720				20,011,178				21,790,973				21,465,234
Total		$	160,085,628			$	164,334,869			$	155,431,261			$	151,777,516

Schedule of other investments

		June 30, 2019												December 31, 2018
						Gross				Estimated								Gross				Estimated
Category		Cost				Gains				Fair Value				Cost				Losses				Fair Value
Other Investments:
Hedge fund		$	1,999,381			$	336,493			$	2,335,874			$	1,999,381			$	(144,156	)		$	1,855,225
Total		$	1,999,381			$	336,493			$	2,335,874			$	1,999,381			$	(144,156	)		$	1,855,225

Schedule of held to maturity securities

		June 30, 2019
		Cost or				Gross				Gross Unrealized Losses								Estimated				Net
		Amortized				Unrealized				Less than 12				More than 12				Fair				Unrealized
Category		Cost				Gains				Months				Months				Value				Gains
Held-to-Maturity Securities:
U.S. Treasury securities		$	729,528			$	150,495			$	-			$	-			$	880,023			$	150,495
Political subdivisions of States,
Territories and Possessions			998,715				51,025				-				-				1,049,740				51,025
Corporate and other bonds
Industrial and miscellaneous			2,096,377				90,357				-				(2,425	)			2,184,309				87,932
Total		$	3,824,620			$	291,877			$	-			$	(2,425	)		$	4,114,072			$	289,452

		December 31, 2018
		Cost or				Gross				Gross Unrealized Losses								Estimated				Net
		Amortized				Unrealized				Less than 12				More than 12				Fair				Unrealized
Category		Cost				Gains				Months				Months				Value				Gains
Held-to-Maturity Securities:
U.S. Treasury securities		$	729,507			$	147,532			$	(3,964	)		$	-			$	873,075			$	143,568
Political subdivisions of States,
Territories and Possessions			998,803				33,862				-				-				1,032,665				33,862
Corporate and other bonds
Industrial and miscellaneous			2,494,545				38,461				(1,425	)			(10,905	)			2,520,676				26,131
Total		$	4,222,855			$	219,855			$	(5,389	)		$	(10,905	)		$	4,426,416			$	203,561

Schedule of held to maturity securities by contractual maturity

		June 30, 2019								December 31, 2018
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	-			$	-			$	-			$	-
One to five years		$	2,598,323			$	2,705,549				2,996,685				3,036,531
Five to ten years		$	619,780			$	654,484				619,663				635,846
More than 10 years		$	606,517			$	754,039				606,507				754,039
Total		$	3,824,620			$	4,114,072			$	4,222,855			$	4,426,416

Schedule of investment income

		Three months ended								Six months ended
		June 30,								June 30,
		2019				2018				2019				2018
Income:
Fixed-maturity securities		$	1,474,341			$	1,361,506			$	3,001,211			$	2,511,799
Equity securities			205,509				194,091				412,653				394,588
Cash and cash equivalents			172,680				42,582				213,081				115,841
Total			1,852,530				1,598,179				3,626,945				3,022,228
Expenses:
Investment expenses			132,761				41,313				283,464				81,373
Net investment income		$	1,719,769			$	1,556,866			$	3,343,481			$	2,940,855

Schedule of securities with realized gains and losses on investments

		Three months ended								Six months ended
		June 30,								June 30,
		2019				2018				2019				2018
Realized (Losses) Gains
Fixed-maturity securities:
Gross realized gains		$	4,942			$	(5,257	)		$	10,944			$	112,212
Gross realized losses			(17,306	)			(148,258	)			(45,739	)			(483,227	)
			(12,364	)			(153,515	)			(34,795	)			(371,015	)
Equity securities:
Gross realized gains			90,427				104,692				41,688				315,250
Gross realized losses			(27,638	)			(27,553	)			(5,962	)			(264,384	)
			62,789				77,139				35,726				50,866
Net realized gains (losses)			50,425				(76,376	)			931				(320,149	)
Unrealized Gains (Losses)
Equity securities:
Gross gains			440,301				-				2,232,438				-
Gross losses			-				(123,197	)			-				(430,411	)
			440,301				(123,197	)			2,232,438				(430,411	)
Other investments:
Gross gains			187,929				92,840				480,649				120,700
Gross losses			-				-				-				-
			187,929				92,840				480,649				120,700
Net unrealized gains (losses)			628,230				(30,357	)			2,713,087				(309,711	)
Net gains (losses) on investments		$	678,655			$	(106,733	)		$	2,714,018			$	(629,860	)

Schedule of securities with unrealized losses

		June 30, 2019
		Less than 12 months												12 months or more												Total
		Estimated								No. of				Estimated								No. of				Estimated
		Fair				Unrealized				Positions				Fair				Unrealized				Positions				Fair				Unrealized
Category		Value				Losses				Held				Value				Losses				Held				Value				Losses
Fixed-Maturity Securities:
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies		$	-			$	-				-			$	1,992,340			$	(1,557	)			1			$	1,992,340			$	(1,557	)
Political subdivisions of
States, Territories and
Possessions			-				-				-				302,880				(309	)			1				302,880				(309	)
Corporate and other
bonds industrial and
miscellaneous			1,959,040				(14,450	)			4				11,608,094				(84,187	)			18				13,567,134				(98,637	)
Residential mortgage and other
asset backed securities			591,845				(8,750	)			1				15,983,171				(376,663	)			24				16,575,016				(385,413	)
Total fixed-maturity
securities		$	2,550,885			$	(23,200	)			5			$	29,886,485			$	(462,716	)			44			$	32,437,370			$	(485,916	)

		December 31, 2018
		Less than 12 months												12 months or more												Total
		Estimated								No. of				Estimated								No. of				Estimated
		Fair				Unrealized				Positions				Fair				Unrealized				Positions				Fair				Unrealized
Category		Value				Losses				Held				Value				Losses				Held				Value				Losses
Fixed-Maturity Securities:
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies		$	4,948,530			$	(28,000	)			3			$	-			$	-				-			$	4,948,530			$	(28,000	)
Political subdivisions of
States, Territories and
Possessions			555,375				(12,327	)			1				1,436,242				(36,508	)			3				1,991,617				(48,835	)
Corporate and other
bonds industrial and
miscellaneous			81,004,459				(2,775,540	)			97				13,424,888				(676,605	)			24				94,429,347				(3,452,145	)
Residential mortgage and other
asset backed securities			7,002,713				(231,229	)			9				11,928,425				(331,012	)			19				18,931,138				(562,241	)
Total fixed-maturity
securities		$	93,511,077			$	(3,047,096	)			110			$	26,789,555			$	(1,044,125	)			46			$	120,300,632			$	(4,091,221	)

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