Premium Finance Contracts, Related Receivable and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Premium Finance Contracts Related Receivable And Allowance For Credit Losses

Schedule of premium finance contract and agents’ receivable

Description	December 31, 2023			December 31, 2022
Insurance premium finance contracts outstanding	$	57,769,501		$	45,520,349
Insurance premium finance contracts cancelled		5,832,574			6,005,601
		63,602,075			51,525,950
Amounts due from agents		804,131			645,648
Less: Unearned interest		(2,164,914	)		(1,567,197	)
		62,241,292			50,604,401
Less: Allowance for credit losses		(1,501,593	)		(1,129,498	)
Total	$	60,739,699		$	49,474,903

Schedule of allowance for credit losses

	December 31, 2023		December 31, 2022
Allowance for premium finance contracts	$	1,336,157	$	1,000,000
Allowance for amounts due from agents		165,436		129,498
Total allowance for credit losses	$	1,501,593	$	1,129,498

Schedule of allowance for credit losses

	December 31, 2023			December 31, 2022
Balance at the beginning of the year	$	1,129,498		$	1,193,757
Current year provision		1,669,000			1,347,475
Direct write-downs charged against the allowance		(1,639,416	)		(1,513,814	)
Recoveries of amounts previously charged off		342,511			102,080
Balance at end of the year	$	1,501,593		$	1,129,498

Schedule of provision for credit losses

	December 31, 2023			December 31, 2022
Current additions to the allowance	$	1,669,000		$	1,347,475
Less: Contra-revenues		(718,185	)		(613,435	)
Provision for credit losses	$	950,815		$	734,040

Schedule of aging analyses of past-due contract receivables

As of December 31, 2023	30–59 Days		60–89 Days		90-119 Days		Greater Than 120 Days		Total Past-Due		Current		Grand Total
Premium finance contracts:
Outstanding	$	147,915	$	2,241	$	7,536	$	30,086	$	187,778	$	57,581,723	$	57,769,501
Cancelled		1,041,232		976,535		456,897		1,913,339		4,388,003		1,444,571		5,832,574
Total	$	1,189,147	$	978,776	$	464,433	$	1,943,425	$	4,575,781	$	59,026,294	$	63,602,075

As of December 31, 2022	30–59 Days		60–89 Days		90-119 Days		Greater Than 120 Days		Total Past-Due		Current		Grand Total
Premium finance contracts:
Outstanding	$	175,972	$	61,678	$	22,360	$	11,270	$	271,280	$	45,249,069	$	45,520,349
Cancelled		1,363,841		850,939		340,619		720,429		3,275,828		2,729,773		6,005,601
Total	$	1,539,813	$	912,617	$	362,979	$	731,699	$	3,547,108	$	47,978,842	$	51,525,950