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Statutory Information (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Statutory Net Income (Loss) and Surplus and Other Funds

Statutory net income (loss) and surplus and other funds as determined in accordance with SAP prescribed or permitted by the Pennsylvania Insurance Department for the years ended December 31, 2019 and 2018 are as follows:

	Year Ended December 31,
	2019		2018
Statutory net income (loss)	$	1,359,223	$	(4,937,935	)
Statutory surplus and other funds		39,415,264		36,535,665

Reconciliation of Statutory Surplus and Other Funds

A reconciliation of statutory surplus and other funds between NAIC SAP and practices prescribed by the Pennsylvania Insurance Department for the years ended December 31, 2019 and 2018 are as follows:

	December 31,
	2019		2018
Statutory surplus and other funds prescribed by the Department	$	39,415,264	$	36,535,665
State prescribed practices:
Unearned management fees		-		(2,735,711	)
Statutory surplus and other funds per NAIC statutory accounting practices	$	39,415,264	$	33,799,954

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

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