XML 45 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Tables)
 12 Months Ended
Dec. 31, 2020
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue  
Schedule of acquisition costs incurred

 

 

 Years ended

 

 

 

 December 31,

 

 

 

 2020

 

 

 2019

 

 

 

 

 

 

Net deferred policy acquisition costs, net of ceding

 

 

 

 

 

 

commission revenue, beginning of year

 

$12,898,980

 

 

$15,221,060

 

 

 

 

 

 

 

 

 

 

Cost incurred and deferred:

 

 

 

 

 

 

 

 

Commissions and brokerage

 

 

32,279,848

 

 

 

32,541,094

 

Other underwriting and policy acquisition costs

 

 

8,526,003

 

 

 

9,423,340

 

Ceding commission revenue

 

 

(13,680,042)

 

 

(3,754,889)

Net deferred policy acquisition costs

 

 

27,125,809

 

 

 

38,209,545

 

Return of deferred ceding commission revenue

 

 

 

 

 

 

 

 

due to reduction of quota share

 

 

7,202,741

 

 

 

-

 

Additional deferred ceding commission revenue

 

 

 

 

 

 

 

 

due to inception of quota share

 

 

-

 

 

 

(6,740,202)

Amortization

 

 

(27,178,534)

 

 

(33,791,423)

 

 

 

7,150,016

 

 

 

(2,322,080)

 

 

 

 

 

 

 

 

 

Net deferred policy acquisition costs, net of ceding

 

 

 

 

 

 

 

 

commission revenue, end of year

 

$20,048,996

 

 

$12,898,980

 
Schedule of Ending balances for deferred acquisition costs and deferred ceding commission revenue

 

 

 December 31,

 

 

 

 2020

 

 

 2019

 

 

 

 

 

 

Deferred policy acquisition costs

 

$20,142,515

 

 

$20,634,378

 

Deferred ceding commission revenue

 

 

(93,519)

 

 

(7,735,398)

Balance at end of period

 

$20,048,996

 

 

$12,898,980