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Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue
 12 Months Ended
Dec. 31, 2023
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue  
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue

Note 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,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Net deferred policy acquisition costs, net of deferred ceding

 

 

 

 

 

 

commission revenue, beginning of year

 

$13,199,884

 

 

$12,490,479

 

 

 

 

 

 

 

 

 

 

Cost incurred and deferred:

 

 

 

 

 

 

 

 

Commissions and brokerage

 

 

29,926,493

 

 

 

36,354,386

 

Other underwriting and policy acquisition costs

 

 

8,866,395

 

 

 

9,154,706

 

Ceding commission revenue

 

 

(7,209,248)

 

 

(7,236,720)

Net deferred policy acquisition costs

 

 

31,583,640

 

 

 

38,272,372

 

Amortization

 

 

(34,441,825)

 

 

(37,562,967)

 

 

 

(2,858,185)

 

 

709,405

 

 

 

 

 

 

 

 

 

 

Net deferred policy acquisition costs, net of deferred ceding

 

 

 

 

 

 

 

 

commission revenue, end of year

 

$10,341,699

 

 

$13,199,884

 

 

Deferred policy acquisition costs and deferred ceding commission revenue as of December 31, 2023 and 2022 are as follows:

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Deferred policy acquisition costs

 

$19,802,564

 

 

$23,819,453

 

Deferred ceding commission revenue

 

 

(9,460,865)

 

 

(10,619,569)

Balance at end of period

 

$10,341,699

 

 

$13,199,884