Insurance Commissions and Other Income

12 Months Ended

Mar. 31, 2020

Insurance Commissions and other income [Abstract]

Insurance Commissions and Other Income

Insurance and Other Income

Insurance and other income for the years ending March 31, 2020, 2019, and 2018 consist of:

	2020		2019	2018
Insurance revenue	$	50,360,730	45,182,596	41,959,092
Tax return preparation revenue	20,936,447		21,454,117	16,801,909
Auto club membership revenue	6,254,748		4,452,018	3,373,023
Other	4,150,319		4,299,917	4,832,805
Insurance and other income	$	81,702,244	75,388,648	66,966,829

The Company has a wholly-owned, captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company. Certain coverages currently sold by the Company on behalf of the unaffiliated insurance carrier are ceded by the carrier to the captive insurance subsidiary, providing the Company with an additional source of income derived from the earned reinsurance premiums. Insurance premiums are ceded to the reinsurance subsidiary as written and revenue is recognized over the life of the related insurance contracts. As of March 31, 2020, 2019, and 2018, the amount of net written premiums by the reinsurance subsidiary were $6.6 million, $5.6 million, and $6.2 million, respectively, and the amount of earned premiums were $6.2 million, $5.7 million, and $5.3 million, respectively.

The Company maintains a cash reserve for claims in an amount determined by the ceding company, and as of March 31, 2020 and 2019, the cash reserves were $4.7 million and $3.8 million, respectively.