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Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Tables)
 12 Months Ended
Dec. 31, 2022
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue  
Schedule of acquisition costs incurred

 

 

 Years ended

 

 

 

 December 31,

 

 

 

 2022

 

 

 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Net deferred policy acquisition costs, net of deferred ceding commission revenue, beginning of year

 

$12,490,479

 

 

$20,048,996

 

 

 

 

 

 

 

 

 

 

Cost incurred and deferred:

 

 

 

 

 

 

 

 

Commissions and brokerage

 

 

36,354,386

 

 

 

35,128,938

 

Other underwriting and policy acquisition costs

 

 

9,154,706

 

 

 

8,841,557

 

Ceding commission revenue

 

 

(7,236,720)

 

 

(7,257,909)

Net deferred policy acquisition costs

 

 

38,272,372

 

 

 

36,712,586

 

Additional deferred ceding commission revenue due to inception of quota share

 

 

-

 

 

 

(9,686,577)

Amortization

 

 

(37,562,967)

 

 

(34,584,526)

 

 

 

709,405

 

 

 

(7,558,517)

 

 

 

 

 

 

 

 

 

Net deferred policy acquisition costs, net of deferred ceding commission revenue, end of year

 

$13,199,884

 

 

$12,490,479

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

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

Deferred policy acquisition costs

 

$23,819,453

 

 

$22,238,987

 

Deferred ceding commission revenue

 

 

(10,619,569)

 

 

(9,748,508)

Balance at end of period

 

$13,199,884

 

 

$12,490,479