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Note 2 AMIC
3 Months Ended
Mar. 31, 2012
Noncontrolling Interest  
Noncontrolling Interest Disclosure [Text Block]

Note 2.                       American Independence Corp.

 

AMIC is an insurance holding company engaged in the insurance and reinsurance business. AMIC does business with the Insurance Group, including reinsurance treaties under which, in 2011, Standard Security Life and Madison National Life ceded to Independence American an average of 20% of their medical stop-loss business, 9% of a majority of their fully insured health business and 20% of their New York Statutory Disability business.

 

During the first quarter of 2012, IHC acquired an aggregate 5,124 shares of AMIC common stock from noncontrolling interests for an aggregate of $23,000 cash consideration. As a result of these transactions, the Company: (i) recorded a $12,000 credit to paid-in capital representing the difference between the fair  value of the consideration paid and the carrying value of the noncontrolling interest; and (ii) increased its ownership interest in AMIC to 78.5%.