FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2015

FAIR VALUE MEASUREMENTS [Abstract]

Financial assets and liabilities measured on recurring basis

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	10,459,758	$	173,632,645	$	1,026,694	$	185,119,097
Equity Securities, available for sale		13,312,331		5,567,061		26,805,948		45,685,340
Total		23,772,089		179,199,706		27,832,642		230,804,437
Liabilities
Trading Securities	$	28,609	$	0	$	0	$	28,609

The following table presents the Company's assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2014.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	13,374,878	$	183,236,853	$	869,725	$	197,481,456
Equity Securities, available for sale		4,756,292		7,361,076		28,878,634		40,996,002
Trading Securities		3,826,250		0		0		3,826,250
Total	$	21,957,420	$	190,597,929	$	29,748,359	$	242,303,708
Liabilities
Trading Securities	$	23,853	$	0	$	0	$	23,853

Estimated fair value of financial instruments required to be valued by ASC 820

The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur.

	Fixed Maturities, Available for Sale			Equity Securities, Available for Sale			Total
Balance at December 31, 2014	$	869,725		$	28,878,634		$	29,748,359
Transfers in to Level 3		0			0			0
Total unrealized gains or (losses):
Included in realized gains (losses)		67,905			-			67,905
Included in other comprehensive income		210,819			270,670			481,489
Purchases		0			1,920,607			1,920,607
Sales		(121,755	)		(4,263,963	)		(4,385,718	)
Balance at December 31, 2015	$	1,026,694		$	26,805,948		$	27,832,642