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8. Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue | 12 Months Ended
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Dec. 31, 2019
Deferred Policy Acquisition Costs Disclosures [Abstract] |
8. Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue | Deferred policy acquisition costs incurred and policy-related ceding commission revenue are deferred and amortized to income on property and casualty insurance business as follows:
|  | Years ended |
|  | December 31, |
|  | 2019 |  |  | 2018 |
Net deferred policy acquisition costs, net of ceding |  |  |  |  |  |
commission revenue, beginning of year |  | $ | 15,221,060 |  |  | $ | 10,580,824 |
Cost incurred and deferred: |  |  |  |  |  |  |  |
Commissions and brokerage |  |  | 32,541,094 |  |  |  | 27,687,907 |
Other underwriting and policy acquisition costs |  |  | 9,423,340 |  |  |  | 8,227,992 |
Ceding commission revenue |  |  | (10,495,091 | ) |  |  | (5,166,193 | )
Net deferred policy acquisition costs |  |  | 31,469,343 |  |  |  | 30,749,706 |
Return of deferred ceding commission revenue |  |  |  |  |  |  |  |
due to reduction of quota share |  |  | - |  |  |  | (2,413,273 | )
Amortization |  |  | (33,791,423 | ) |  |  | (23,696,197 | )
|  |  | (2,322,080 | ) |  |  | 4,640,236 |
Net deferred policy acquisition costs, net of ceding |  |  |  |  |  |  |  |
commission revenue, end of year |  | $ | 12,898,980 |  |  | $ | 15,221,060 |
Deferred policy acquisition costs and deferred ceding commission revenue as of December 31, 2019 and 2018 are as follows:
|  | December 31, |
|  | 2019 |  |  | 2018 |
Deferred policy acquisition costs |  | $ | 20,634,378 |  |  | $ | 17,907,737 |
Deferred ceding commission revenue |  |  | (7,735,398 | ) |  |  | (2,686,677 | )
Balance at end of period |  | $ | 12,898,980 |  |  | $ | 15,221,060 |

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