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 and statutory capital and surplus for the years ended are listed below:

		Years Ended December 31,
		2018		2017		2016
		(In thousands)
Repwest:
Audited statutory net income	$	23,960	$	16,328	$	19,580
Audited statutory capital and surplus		216,763		197,375		176,009
ARCOA:
Audited statutory net income		1,612		1,190		1,451
Audited statutory capital and surplus		9,390		7,991		6,798
Oxford:
Audited statutory net income		11,367		10,350		17,473
Audited statutory capital and surplus		203,723		195,931		189,279
CFLIC:
Audited statutory net income		8,735		8,062		8,139
Audited statutory capital and surplus		27,232		26,653		28,011
NAI:
Audited statutory net income		1,436		1,594		1,039
Audited statutory capital and surplus		12,817		12,674		12,691

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, 2018 that could be distributed as ordinary dividends was $21.7 million. The statutory surplus for Oxford at December 31, 2018 that could be distributed as ordinary dividends was $11.4 million. Neither Oxford nor Repwest paid a dividend to AMERCO in fiscal 2019, 2018 or 2017.

For our insurance subsidiaries, statutory accounting principles (“SAP”) differ from GAAP primarily in that: (i) premiums from deferred annuities are recognized as revenue under SAP, while they are accounted for as liabilities from investment contracts under GAAP; (ii) policy acquisition costs are expensed as incurred under SAP, while they are deferred and amortized over the effective period of the related life insurance policies or the present value of actual and expected gross profits from annuity deposits; (iii) policy benefits and losses are established using different actuarial assumptions; and (iv) investments are valued on a different basis and valuation allowances attributable to investments are different. In addition, certain assets are not admitted under SAP and are charged directly to surplus.