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Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments

Schedule of Available for Sale Securities

		December 31, 2023
		Cost or				Gross				Gross Unrealized Losses								Estimated				Net
		Amortized				Unrealized				Less than				More than				Fair				Unrealized
Category		Cost				Gains				12 Months				12 Months				Value				Losses
Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies (1)		$	20,954,764			$	1,799			$	(17,373	)		$	-			$	20,939,190			$	(15,574	)
Political subdivisions of States,
Territories and Possessions			16,607,713				-				-				(3,209,161	)			13,398,552				(3,209,161	)
Corporate and other bonds
Industrial and miscellaneous			75,993,042				-				-				(5,885,296	)			70,107,746				(5,885,296	)
Residential mortgage and other asset
backed securities (2)			50,905,423				113,761				(2,144	)			(6,541,731	)			44,475,309				(6,430,114	)
Total fixed-maturity securities		$	164,460,942			$	115,560			$	(19,517	)		$	(15,636,188	)		$	148,920,797			$	(15,540,145	)

		December 31, 2022
		Cost or				Gross				Gross Unrealized Losses								Estimated				Net
		Amortized				Unrealized				Less than				More than				Fair				Unrealized
Category		Cost				Gains				12 Months				12 Months				Value				Losses
Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies (1)		$	23,874,545			$	1,479			$	(6,928	)		$	-			$	23,869,096			$	(5,449	)
Political subdivisions of States,
Territories and Possessions			17,108,154				-				(2,195,273	)			(1,771,494	)			13,141,387				(3,966,767	)
Corporate and other bonds
Industrial and miscellaneous			80,338,464				-				(5,796,994	)			(2,458,985	)			72,082,485				(8,255,979	)
Residential mortgage and other asset
backed securities (2)			53,597,264				58,398				(882,664	)			(7,150,803	)			45,622,195				(7,975,069	)
Total fixed-maturity securities		$	174,918,427			$	59,877			$	(8,881,859	)		$	(11,381,282	)		$	154,715,163			$	(20,203,264	)

Schedule of available for sale fixed maturity securities contractual maturity

		December 31, 2023								December 31, 2022
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	34,729,120			$	34,461,172			$	16,359,100			$	16,307,991
One to five years			31,803,338				30,416,618				18,605,987				14,085,113
Five to ten years			31,596,410				27,330,377				54,559,158				52,230,283
More than 10 years			15,426,651				12,237,321				31,796,918				26,469,581
Residential mortgage and other asset backed securities			50,905,423				44,475,309				53,597,264				45,622,195
Total		$	164,460,942			$	148,920,797			$	174,918,427			$	154,715,163

Schedule of equity securities

		December 31, 2023
						Gross				Gross				Estimated
Category		Cost				Gains				Losses				Fair Value
Equity Securities:
Preferred stocks		$	13,583,942			$	-			$	(2,870,027	)		$	10,713,915
Fixed income exchange traded funds			3,711,232								(669,232	)			3,042,000
Mutual Funds			622,209				314,816				-				937,025
FHLBNY common stock			69,400				-				-				69,400
Total		$	17,986,783			$	314,816			$	(3,539,259	)		$	14,762,340

		December 31, 2022
						Gross				Gross				Estimated
Category		Cost				Gains				Losses				Fair Value
Equity Securities:
Preferred stocks		$	13,583,942			$	-			$	(3,589,313	)		$	9,994,629
Fixed income exchange traded funds,			3,711,232								(821,632	)			2,889,600
Mutual funds			716,626				158,635				-				875,261
FHLBNY common stock			74,900				-				-				74,900
Total		$	18,086,700			$	158,635			$	(4,410,945	)		$	13,834,390

Schedule of Other Investments

		December 31, 2023												December 31, 2022
						Gross				Estimated								Gross				Estimated
Category		Cost				Gains				Fair Value				Cost				Gains				Fair Value
Other Investments:
Hedge fund		$	1,987,040			$	1,910,110			$	3,897,150			$	1,987,040			$	784,612			$	2,771,652

Schedule of Held to Maturity Securities

		December 31, 2023
																						Net
		Cost or				Gross				Gross Unrealized Losses								Estimated				Unrealized
		Amortized				Unrealized				Less than				More than				Fair				Gains/
Category		Cost				Gains				12 Months				12 Months				Value				(Losses)
Held-to-Maturity Securities:
U.S. Treasury securities		$	1,228,860			$	15,045			$	(6,914	)		$	(18,163	)		$	1,218,828			$	(10,032	)
Political subdivisions of States,
Territories and Possessions			499,170				890				-				-				500,060				890
Exchange traded debt			304,111				-				-				(70,111	)			234,000				(70,111	)
Corporate and other bonds
Industrial and miscellaneous			5,020,400				-				-				(867,140	)			4,153,260				(867,140	)
Total		$	7,052,541			$	15,935			$	(6,914	)		$	(955,414	)		$	6,106,148			$	(946,393	)

		December 31, 2022
																						Net
		Cost or				Gross				Gross Unrealized Losses								Estimated				Unrealized
		Amortized				Unrealized				Less than				More than				Fair				Gains/
Category		Cost				Gains				12 Months				12 Months				Value				(Losses)
Held-to-Maturity Securities:
U.S. Treasury securities		$	1,228,560			$	28,400			$	(34,077	)		$	-			$	1,222,883			$	(5,677	)
Political subdivisions of States,
Territories and Possessions			498,638				2,092				-				-				500,730				2,092
Exchange traded debt			304,111				-				(29,111	)			-				275,000				(29,111	)
Corporate and other bonds
Industrial and miscellaneous			5,734,831				36,968				(809,746	)			(360,278	)			4,601,775				(1,133,056	)
Total		$	7,766,140			$	67,460			$	(872,934	)		$	(360,278	)		$	6,600,388			$	(1,165,752	)

Schedule of Held to Maturity Securities by contractual maturity

		December 31, 2023								December 31, 2022
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	-			$	-			$	708,535			$	743,575
One to five years			1,121,288				1,097,101				1,120,507				1,088,522
Five to ten years			1,414,911				1,270,770				1,402,704				1,200,720
More than 10 years			4,516,342				3,738,277				4,534,394				3,567,571
Total		$	7,052,541			$	6,106,148			$	7,766,140			$	6,600,388

Schedule of Investment Income

		Years ended
		December 31,
		2023				2022
Income:
Fixed-maturity securities		$	5,352,304			$	4,211,229
Equity securities			707,835				1,058,351
Cash and cash equivalents			255,905				63,683
Total			6,316,044				5,333,263
Expenses:
Investment expenses			307,362				396,485
Net investment income		$	6,008,682			$	4,936,778

Schedule of Securities with realized gains and losses on investments

		Years ended
		December 31,
		2023				2022
Realized Gains (Losses)
Fixed-maturity securities:
Gross realized gains		$	2,428			$	143,622
Gross realized losses			(21,239	)			(208,955	)
			(18,811	)			(65,333	)
Equity securities:
Gross realized gains			-				1,384,432
Gross realized losses			-				(2,048,395	)
			-				(663,963	)
Other Investments:
Gross realized gains			-				589,233
Gross realized losses			-				-
			-				589,233
Net realized losses			(18,811	)			(140,063	)
Unrealized (Losses) Gains
Equity Securities:
Gross gains			1,027,867				-
Gross losses			-				(6,494,380	)
			1,027,867				(6,494,380	)
Other Investments:
Gross gains			1,125,498				-
Gross losses			-				(2,757,422	)
			1,125,498				(2,757,422	)
Net unrealized gains (losses)			2,153,365				(9,251,802	)
Net gains (losses) on investments		$	2,134,554			$	(9,391,865	)

Schedule of Securities with Unrealized Losses

		December 31, 2023
		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		$	5,974,440			$	(17,373	)			1			$	-				-				-			$	5,974,440			$	(17,373	)
Political subdivisions of
States, Territories and
Possessions			-				-				-				13,398,552				(3,209,161	)			13				13,398,552				(3,209,161	)
Corporate and other
bonds industrial and
miscellaneous			-				-				-				70,107,746				(5,885,296	)			85				70,107,746				(5,885,296	)
Residential mortgage and
other asset backed securities			88,988				(2,144	)			4				38,675,604				(6,541,731	)			37				38,764,592				(6,543,875	)
Total fixed-maturity
securities		$	6,063,428			$	(19,517	)			5			$	122,181,902			$	(15,636,188	)			135			$	128,245,330			$	(15,655,705	)

		December 31, 2022
		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		$	18,918,196			$	(6,928	)			3			$	-				-				-			$	18,918,196			$	(6,928	)
Political subdivisions of
States, Territories and
Possessions			7,970,633				(2,195,273	)			9				5,170,753				(1,771,494	)			5				13,141,386				(3,966,767	)
Corporate and other
bonds industrial and
miscellaneous			56,910,104				(5,796,994	)			75				15,172,381				(2,458,985	)			15				72,082,485				(8,255,979	)
Residential mortgage and
other asset backed securities			10,145,880				(882,664	)			22				34,753,178				(7,150,803	)			26				44,899,058				(8,033,467	)
Total fixed-maturity
securities		$	93,944,813			$	(8,881,859	)			109			$	55,096,312			$	(11,381,282	)			46			$	149,041,125			$	(20,263,141	)

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 1
-Section 45
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1

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