Reinsurance (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Significant Reinsurance Amounts

A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of December 31, 2018 and 2017 and for the years ended December 31, 2018 and 2017 is as follows:

	December 31, 2018		December 31, 2017
Balance sheets:
Benefit and claim reserves assumed	$	-	$	2,638,477
Benefit and claim reserves ceded		23,100,644		22,393,225

	Year Ended December 31,
	2018		2017
Statements of comprehensive income:
Premiums assumed	$	10,268	$	22,591
Premiums ceded		848,374		532,043
Benefits assumed		92,792		58,689
Benefits ceded		141,896		230,997
Commissions assumed		18		30
Commissions ceded		54,346		1,616

Schedule of Significant Reinsurance Balances

The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer along with the A.M. Best credit rating as of December 31, 2018:

						Recoverable on				Total Amount
		Recoverable		Recoverable		Benefit		Ceded		Recoverable
	AM Best	on Paid		on Unpaid		Reserves/Deposit-		Due		from
Reinsurer	Rating	Losses		Losses		type Contracts		Premiums		Reinsurer
Optimum Re Insurance Company	A-	$	-	$	-	$	456,595	$	-	$	456,595
Sagicor Life Insurance Company	A-		-		262,785		11,491,889		260,513		11,494,161
US Alliance Life and Security Company	NR		-		8,000		11,227,755		85,867		11,149,888
		$	-	$	270,785	$	23,176,239	$	346,380	$	23,100,644