Note 12 Reinsurance

3 Months Ended

Mar. 31, 2012

Financial Services, Insurance

Reinsurance [Text Block]

Note 12.          Reinsurance

Effective January 26, 2012, Standard Security Life entered into a coinsurance agreement with an unaffiliated reinsurer to cede group annuity reserves. In accordance with the agreement, Standard Security Life transferred $143,537,000 of cash in the first quarter of 2012 and recorded a corresponding amount as due from reinsurers. Subsequent to March 31, 2012, the Company received final approval from the New York State Insurance Department to convert the transfer from a coinsurance to an assumption agreement.  When complete, the assumption will contractually relieve Standard Security Life of liability with regards to the policies.