Note 20. Statutory Financial Information of Insurance Subsidiaries

Applicable laws and regulations of the States of Arizona and Nevada 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,
		2015		2014		2013
		(In thousands)
Repwest:
Audited statutory net income	$	22,308	$	21,287	$	18,286
Audited statutory capital and surplus		158,376		155,835		126,836
ARCOA:
Audited statutory net income		1,391		1,358		532
Audited statutory capital and surplus		5,386		4,175		2,666
Oxford:
Audited statutory net income		12,150		12,115		11,130
Audited statutory capital and surplus		172,282		158,512		148,486
CFLIC:
Audited statutory net income		9,217		9,157		9,567
Audited statutory capital and surplus		28,892		28,551		28,848
NAI:
Audited statutory net income (loss)		1,161		886		(419)
Audited statutory capital and surplus		12,685		11,589		10,185

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, 2015 that could be distributed as ordinary dividends was $15.8 million. The statutory surplus for Oxford at December 31, 2015 that could be distributed as ordinary dividends was $12.0 million. Oxford did not pay a dividend to AMERCO in fiscal 2016, 2015 or 2014. After receiving approval from the Arizona Department of Insurance, Repwest paid a $19.6 million non-cash dividend to AMERCO in fiscal 2016.