Statutory Net Income, Capital and Surplus and Dividend Restrictions

12 Months Ended

Dec. 31, 2022

Statutory Net Income, Capital and Surplus and Dividend Restrictions [Abstract]

Statutory Net Income, Capital and Surplus and Dividend Restrictions

14 - Statutory Net Income, Capital and Surplus and Dividend Restrictions

The following table presents selected information, as filed with state insurance regulatory authorities, for our insurance subsidiaries as determined in accordance with accounting practices prescribed or permitted by such insurance regulatory authorities:

	2022			2021			2020
Atlantic States:
Statutory capital and surplus	$	263,579,356		$	278,883,189		$	279,796,696
Statutory unassigned surplus		158,056,862			174,073,348			175,777,393
Statutory net (loss) income		(3,124,687	)		(7,417,845	)		20,735,871
Southern:
Statutory capital and surplus		64,463,124			64,238,221			57,142,228
Statutory unassigned surplus		7,523,951			7,330,382			300,409
Statutory net (loss) income		(410,561	)		6,927,576			4,350,677
Peninsula:
Statutory capital and surplus		52,234,684			47,867,789			49,285,069
Statutory unassigned surplus		33,925,484			29,558,589			30,975,869
Statutory net income		4,192,697			3,536,404			10,955,796
MICO:
Statutory capital and surplus		75,441,871			75,197,207			72,183,575
Statutory unassigned surplus		53,422,483			53,201,571			45,247,698
Statutory net (loss) income		(233,391	)		7,704,417			12,240,173

Our principal source of cash for payment of dividends is dividends from our insurance subsidiaries. State insurance laws require our insurance subsidiaries to maintain certain minimum capital and surplus amounts on a statutory basis. Our insurance subsidiaries are subject to regulations that restrict the payment of dividends from statutory surplus and may require prior approval of their domiciliary insurance regulatory authorities. Our insurance subsidiaries are also subject to risk-based capital (“RBC”) requirements that may further impact their ability to pay dividends. Our insurance subsidiaries’ statutory capital and surplus at December 31, 2022 exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements, by a significant margin. Amounts available for distribution to us as dividends from our insurance subsidiaries without prior approval of insurance regulatory authorities in 2023 are approximately $26.4 million from Atlantic States, $6.5 million from Southern, $6.0 million from Peninsula and $7.5 million from MICO, or a total of approximately $46.4 million.