Note 20. Statutory Financial Information of Insurance Subsidiaries

Applicable laws and regulations of the State of Arizona require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income (loss) and statutory capital and surplus for the years ended are listed below:

		Years Ended December 31,
		2014		2013		2012
		(In thousands)
Repwest:
Audited statutory net income	$	21,287	$	18,286	$	16,923
Audited statutory capital and surplus		155,835		126,836		94,284
ARCOA:
Audited statutory net income (loss)		1,358		532		(1,881)
Audited statutory capital and surplus		4,175		2,666		2,201
Oxford:
Audited statutory net income		12,115		11,130		13,936
Audited statutory capital and surplus		158,512		148,486		131,920
CFLIC:
Audited statutory net income		9,157		9,567		8,734
Audited statutory capital and surplus		28,551		28,848		28,042
NAI:
Audited statutory net income (loss)		886		(419)		(1,962)
Audited statutory capital and surplus		11,589		10,185		9,804

The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest at December 31, 2014 that could be distributed as ordinary dividends was $15.6 million. The statutory surplus for Oxford at December 31, 2014 that could be distributed as ordinary dividends was $12.1 million. Repwest and Oxford did not pay a dividend to AMERCO in fiscal 2015, 2014 or 2013.