Reinsurance (Tables)

3 Months Ended

Mar. 31, 2020

Reinsurance Disclosures [Abstract]

Summary of significant reinsurance amounts

A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 is as follows:

	March 31, 2020		December 31, 2019
Balance sheets:
Benefit and claim reserves ceded	$	51,200,947	$	30,579,524

	Three months ended March 31,
	2020		2019
Statements of comprehensive income:
Premiums ceded		231,674		273,101
Benefits ceded		31,287		77,703
Commissions ceded		3,108		2,914

Schedule of significant reinsurance balances

The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurers except for a reinsurance with Unified as it was accounted for as discontinued operations:

							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
Ironbound Reinsurance Company Limited		NR	$	—	$	—	$	21,325,367	$	—	$	21,325,367
Optimum Re Insurance Company		A		—		—		479,884		—		479,884
Sagicor Life Insurance Company		A-		—		134,417		11,367,938		267,808		11,234,546
SDA Annuity & Life Re		NR		—		—		5,761,090		—		5,761,088
US Alliance Life and Security Company		NR		—		—		12,458,766		58,704		12,400,062
			$	—	$	134,417	$	51,393,045	$	326,512	$	51,200,947