Note 9 - Restricted Funds

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Restricted Assets Disclosure [Text Block]

Note 9. Restricted Funds

As required by North Dakota law, US Alliance Life and Security Company maintains a trust account at the Bank of North Dakota which is jointly owned by the North Dakota Insurance Department. These assets were held in bonds and other invested assets with a statement value of $1,500,000 as of December 31, 2023. At December 31, 2022, the Company had a joint account with the Kansas Insurance Department for $1,500,000. This account was closed when the Bank of North Dakota account was opened in 2023. Additionally, the USALSC has special deposits with the States of Missouri, New Mexico, and Nevada. US Alliance Life and Security Company – Montana has $825,000 of funds on deposit jointly owned by the Montana Department of Insurance at Capitol Federal Savings Bank.