Note 10 - Restricted Funds

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Restricted Assets Disclosure [Text Block]

Note

10.

   Restricted Funds

As required by Kansas law, US Alliance Life and Security Company maintains a trust account at Capitol Federal Savings Bank which is jointly owned by the Kansas Insurance Department. The life insurance company is required by the State of Kansas to hold

$400,000

of asset book value in this account. The Company placed additional assets into this trust account in

2015

to meet the minimum deposit requirement for the State of Missouri. These assets were held in bonds and other invested assets with a statement value of

$625,000

and

$625,000

as of

December 31, 2019

and

2018,

respectively. Additionally, the Company has a special deposit with the State of Missouri with asset book value of

$300,000.

Dakota Capital Life Insurance Company has

$200,000

of funds on deposit jointly owned with the North Dakota Insurance Department at the Bank of North Dakota. US Alliance Life and Security Company – Montana has

$325,000

of funds on deposit jointly owned by the Montana Department of Insurance at Wells Fargo.