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RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables) | 9 Months Ended
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Sep. 30, 2024
Reserve For Losses And Loss Adjustment Expenses |
SCHEDULE OF LOSS ADJUSTMENT EXPENSE | The following table summarizes the Company’s loss and loss adjustment expenses (“LAE”) and the reserve for loss and LAE reserve movements for the nine-month periods ending September 30, 2024 and 2023: SCHEDULE OF LOSS ADJUSTMENT EXPENSE
|  |  | At September 30, |  |  |  | At September 30, |
|  |  | 2024 |  |  |  | 2023 |
|  |  | (in thousands) |  |  |  |  |
Balance, beginning of period |  | $ | - |  |  | $ | 1,073 |
Incurred related to: |  |  |  |  |  |  |  |
Current period |  |  | - |  |  |  | - |
Prior period |  |  | - |  |  |  | - |
Total incurred |  |  | - |  |  |  | 1,073 |
Paid related to: |  |  |  |  |  |  |  |
Current period |  |  | - |  |  |  | - |
Prior period |  |  | - |  |  |  | (1,073 | )
Total paid |  |  | - |  |  |  | (1,073 | )
Balance, end of period |  | $ | - |  |  | $ | - |

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 + Details
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