Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Feb. 01, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | US Alliance Corp | |
Entity Central Index Key | 1,463,913 | |
Trading Symbol | usac | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 7,322,732 | |
Entity Public Float | $ 0 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Available for sale securities | $ 33,609,215 | $ 15,463,578 |
Cash and cash equivalents | 651,809 | 3,145,745 |
Investment income due and accrued | 214,998 | 100,713 |
Policy loans | 33,975 | |
Reinsurance related assets | 249,879 | 31,390 |
Deferred acquisition costs, net | 2,963,057 | 153,792 |
Value of business acquired, net | 600,601 | |
Property, equipment and software, net | 221,077 | 244,849 |
Goodwill | 277,542 | |
Other assets | 166,184 | 51,922 |
Total assets | 38,988,337 | 19,191,989 |
Liabilities: | ||
Deposit-type contracts | 13,448,891 | 3,398,170 |
Policyholder benefit reserves | 10,632,009 | 4,220,215 |
Advance premiums | 864,477 | 121,944 |
Total policy liabilities | 24,945,377 | 7,740,329 |
Accounts payable and accrued expenses | 98,382 | 66,472 |
Other liabilities | 8,876 | 4,205 |
Total liabilities | 25,052,635 | 7,811,006 |
Shareholders' Equity: | ||
Common stock, $0.10 par value. Authorized 20,000,000 shares; issued and outstanding 7,310,939 and 5,565,943 shares as of December 31, 2017 and December 31, 2016, respectively | 731,095 | 556,595 |
Additional paid-in capital | 21,280,437 | 18,017,163 |
Accumulated deficit | (8,481,268) | (7,432,236) |
Accumulated other comprehensive income | 405,438 | 239,461 |
Total shareholders' equity | 13,935,702 | 11,380,983 |
Total liabilities and shareholders' equity | 38,988,337 | 19,191,989 |
Fixed Maturities [Member] | ||
Assets | ||
Available for sale securities | 22,945,700 | 10,320,074 |
Equities, Including Equity Securities and Other Equity Investments [Member] | ||
Assets | ||
Available for sale securities | $ 10,663,515 | $ 5,143,504 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available for sale securities, amortized cost | $ 33,203,777 | $ 15,224,117 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,310,939 | 5,565,943 |
Common stock, shares outstanding (in shares) | 7,310,939 | 5,565,943 |
Fixed Maturities [Member] | ||
Available for sale securities, amortized cost | $ 22,439,705 | $ 10,318,164 |
Equities, Including Equity Securities and Other Equity Investments [Member] | ||
Available for sale securities, amortized cost | $ 10,764,072 | $ 4,905,953 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income: | ||
Premium income | $ 10,773,246 | $ 5,948,978 |
Net investment income | 817,989 | 449,951 |
Net realized gain on sale of securities | 430,565 | 100,378 |
Other income | 50,057 | 87,566 |
Total income | 12,071,857 | 6,586,873 |
Expenses: | ||
Death claims | 823,545 | 475,815 |
Policyholder benefits | 3,485,564 | 3,136,999 |
Increase in policyholder reserves | 5,654,476 | 1,686,841 |
Commissions, net of deferrals | 521,155 | 457,671 |
Amortization of deferred acquisition costs | 321,451 | 153,671 |
Amortization of value of business acquired | 8,460 | |
Salaries & benefits | 990,076 | 752,534 |
Other operating expenses | 1,316,162 | 1,209,115 |
Total expense | 13,120,889 | 7,872,646 |
Net loss | $ (1,049,032) | $ (1,285,773) |
Net loss per common share, basic and diluted (in dollars per share) | $ (0.18) | $ (0.24) |
Unrealized net holding gains arising during the period | $ 596,542 | $ 440,316 |
Reclassification adjustment for gains included in net loss | (430,565) | (100,378) |
Other comprehensive income | 165,977 | 339,938 |
Comprehensive loss | $ (883,055) | $ (945,835) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Warrant [Member] | Common Stock Subscribed [Member] | Subscription Receivable [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 5,177,245 | |||||||
Balance at Dec. 31, 2015 | $ 517,725 | $ 17,018,285 | $ 15,876 | $ 13,799 | $ (827,952) | $ (100,477) | $ (6,146,463) | $ 10,490,793 |
Common stock issued upon exercise of warrants, $6.00 per share (in shares) | 372,003 | 372,003 | ||||||
Common stock issued upon exercise of warrants, $6.00 per share | $ 37,200 | 2,210,694 | (15,876) | $ 2,232,018 | ||||
Common stock issued, $7 per share (in shares) | 16,695 | |||||||
Common stock issued, $7 per share | $ 1,670 | 115,195 | 116,865 | |||||
Costs associated with common stock issued | (512,858) | (512,858) | ||||||
Common stock subscribed | (814,153) | (13,799) | 827,952 | |||||
Other comprehensive income | 339,938 | 339,938 | ||||||
Net loss | (1,285,773) | (1,285,773) | ||||||
Balance (in shares) at Dec. 31, 2016 | 5,565,943 | |||||||
Balance at Dec. 31, 2016 | $ 556,595 | 18,017,163 | 239,461 | (7,432,236) | 11,380,983 | |||
Common stock issued, $7 per share (in shares) | 100,538 | |||||||
Common stock issued, $7 per share | $ 10,054 | 693,711 | 703,765 | |||||
Costs associated with common stock issued | (363,371) | (363,371) | ||||||
Other comprehensive income | 165,977 | 165,977 | ||||||
Net loss | (1,049,032) | (1,049,032) | ||||||
Common Stock issued, Northern Plains Capital Corporation merger (in shares) | 1,644,458 | |||||||
Common Stock issued, Northern Plains Capital Corporation merger | $ 164,446 | 2,932,934 | 3,097,380 | |||||
Balance (in shares) at Dec. 31, 2017 | 7,310,939 | |||||||
Balance at Dec. 31, 2017 | $ 731,095 | $ 21,280,437 | $ 405,438 | $ (8,481,268) | $ 13,935,702 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Warrant [Member] | ||
Warrants, exercise price per share (in dollars per share) | $ 6 | |
Common Stock [Member] | ||
Common stock, price per share (in dollars per share) | $ 7 | $ 7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (1,049,032) | $ (1,285,773) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 34,893 | 38,733 |
Net realized gains on the sale of securities | (430,565) | (100,378) |
Amortization of investment securities, net | 42,941 | 22,014 |
Deferred acquisition costs capitalized | (269,266) | (221,410) |
Deferred acquisition costs amortized | 321,451 | 153,671 |
Value of business acquired amortized | 8,460 | |
Interest credited on deposit type contracts | 247,692 | 80,452 |
Interest on policy loans | 636 | |
(Increase) decrease in operating assets: | ||
Investment income due and accrued | (80,937) | (22,173) |
Reinsurance related assets | 57,529 | (9,946) |
Policy loans | (599) | |
Other assets | (105,029) | 78,744 |
Increase (decrease) in operating liabilities: | ||
Policyowner benefit reserves | 1,700,163 | 1,643,251 |
Advance premiums | 119,688 | 52,371 |
Other liabilities | 4,671 | (787) |
Accounts payable and accrued expenses | (9,536) | (19,416) |
Net cash provided by operating activities | 593,160 | 409,353 |
Cash Flows from Investing Activities: | ||
Purchase of fixed income investments | (14,992,862) | (3,028,015) |
Purchase of equity investments | (8,241,105) | (1,955,888) |
Proceeds from fixed income sales and repayments | 5,823,079 | 1,003,308 |
Proceeds from equity sales and repayments | 4,439,443 | 670,706 |
Acquisition of Northern Plains Capital Corporation | 1,079,627 | |
Assumed reinsurance from American Life & Security Corporation | 6,895,145 | |
Purchase of property, equipment and software | (11,121) | |
Net cash used in investing activities | (5,007,794) | (3,309,889) |
Cash Flows from Financing Activities: | ||
Receipts on deposit-type contracts | 2,187,387 | 1,989,833 |
Withdrawals on deposit-type contracts | (607,083) | (246,103) |
Proceeds received from issuance of common stock, net of costs of issuance | 340,394 | 1,836,025 |
Net cash provided by financing activities | 1,920,698 | 3,579,755 |
Net increase (decrease) in cash and cash equivalents | (2,493,936) | 679,219 |
Cash and Cash Equivalents: | ||
Beginning | 3,145,745 | 2,466,526 |
Ending | 651,809 | 3,145,745 |
Supplemental Disclosure of Non-Cash Information | ||
Common stock issued on the acquisition of Northern Plains | 3,097,380 | |
Cost of reinsurance deferred on coinsurance transaction with American Life & Security Corp | 2,861,450 | |
Policyholder Contract Deposits [Member] | American Life & Security Corp [Member] | ||
Supplemental Disclosure of Non-Cash Information | ||
Deposit-type contract liabilities assumed | 6,193,587 | |
Northern Plains [Member] | Policyholder Contract Deposits [Member] | ||
Supplemental Disclosure of Non-Cash Information | ||
Deposit-type contract liabilities assumed | 2,029,138 | |
Fixed Maturities [Member] | Northern Plains [Member] | ||
Supplemental Disclosure of Non-Cash Information | ||
Securities acquired | 3,006,552 | |
Equity Securities [Member] | Northern Plains [Member] | ||
Supplemental Disclosure of Non-Cash Information | ||
Securities acquired | $ 1,616,897 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Description of Business and Significant Accounting Policies Description of business : US Alliance Corporation ("USAC") was formed as a Kansas corporation on April 24, 2009 4123 240, 66604. 785 228 0200 www.usalliancecorporation.com Our four June 9, 2011; April 23, 2012, April 23, 2012 August 1, 2017 We capitalized our subsidiaries with proceeds from intrastate public offerings registered by qualification with the office of Kansas Securities Commissioner. USALSC received a Certificate of Authorit y from the Kansas Insurance Department ("KID") effective January 2, 2012, first May 1, 2013. Our single pay life products (which include our Legacy Juvenile and Thoughtful Pre-Need products) accounted for 73 % of 2017 18 % of 2017 9 % of 2017 USALSC seeks opportunities to develop and market additional products. Our business model also anticipates the acquisition by USAC and/or USALSC of other insurance and insurance related companies, including third ng organizations, and rights to other blocks of insurance business through reinsurance or other transactions. Basis of presentation : The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America. Principles of consolidation : The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated from the consolidated financial statements. Area of Operation: USALSC is authorized to operate in the states of Kansas, North Dakota, Missouri, Nebraska and Oklahoma. DCLIC is authorized to operate in the state of North Dakota. Cash and cash equivalents : For purposes of the statement of cash flows, the Company considers demand deposits and highly liquid investments with original maturities of three one $250,000 no December 31, 2017. not not Property , equipment and software Depreciation is computed by the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over no 5 no 10 no 10 Major categories of depreciable assets and the respective book values as of December 31, 2017 2016 December 31 , December 31 , 201 7 201 6 Compute r $ 20,755 $ 20,755 Furniture and equipmen t 92,077 80,956 Softwar e 257,500 257,500 Accumulated depreciatio n (149,255 ) (114,362 ) Balance at end of perio d $ 221,077 $ 244,849 Pre-paid expenses: The Company recognizes pre-paid expenses as the expenses are incurred. Pre-paid expenses consist of systems consulting hours and insurance. Systems consulting hours are charged as they are incurred on projects. Insurance expenses are charged straight line over the life of the contract. Investments : Investments in available-for-sale securities are carried in the consolidated financial statements at fair value with the net unrealized holding gains (losses) included in accumulated other comprehensive income. Bond premiums and discounts are amortized using the scientific-yield method over the term of the bonds. Realized gains and losses on securities sold during the year are determined using the specific identification method and included in investment income. Investment income is recognized as earned. Management has a policy and process in place to identify securities that could potentially have an impairment that is other-than-temporary. The assessment of whether impairments have occurred is based on a case-by-case evaluation of underlying reasons for the decline in fair value. We consider severity of impairment, duration of impairment, forecasted recovery period, industry outlook, financial condition of the issuer, issuer credit ratings and whether we intend to sell a security or it is more likely than not The recognition of other-than-temporary impairment losses on debt securities is dependent on the facts and circumstances related to the specific security. If we intend to sell a security or it is more likely than not not not not not would be recognized. We would recognize the credit loss portion through earnings in the income statement and the noncredit loss portion in accumulated other comprehensive loss. As of December 31, 2017 2016, no Value of business acquired : - force of the assumed policy obligations at the date of acquisition of a block of policies. At least annually, a review is performed of the models and the assumptions used to develop expected future profits, based upon management’s current view of future events. VOBA is reviewed on an ongoing basis to determine that the unamortized portion does not not may 30 In addition, we may Goodwill fourth may . Reinsurance : In the normal course of business, the Company seeks to limit aggregate and single exposure to losses on risks by purchasing reinsurance. The amounts reported in the consolidated balance sheets as reinsurance recoverable include amounts billed to reinsurers on losses paid as well as not Reinsurance recoverable on unpaid losses are estimated based upon assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance gross of reinsurance recoverable. Management believes the recoverables are appropriately established. Reinsurance premiums are generally reflected in income in a manner consistent with the recognition of premiums on the reinsured contracts. Reinsurance does not ’s primary liability under the policies written. Therefore, the Company regularly evaluates the financial condition of its reinsurers including their activities with respect to claim settlement practices reinsurance recoverable as appropriate. There were no December 31, 2017 2016. Benefit reserves : The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables. Policy claims : Policy claims are based on reported claims plus estimated incurred but not not $85,832 Deposit-type contracts : Deposit-type contracts consist of amounts on deposit associated with deferred annuity contracts and premium deposit funds. The deferred annuity contracts credit interest based upon a fixed interest rate set by the Company. The Company has the ability to change this rate annually subject to minimums established by law or administrative regulation. Liabilities for deferred annuity deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less policyholder withdrawals. The following table provides information about deferred annuity deposit-type contracts for the years ended December 31, 2017 2016. Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ 3,398,170 $ 1,573,988 Acquisition of Dakota Capital Lif e 1,853,728 - Assumed from American Life & Security Cor p 5,841,703 - Deposits receive d 2,187,387 1,989,833 Interest credite d 243,310 80,452 Withdrawal s (592,398 ) (246,103 ) Balance at end of year $ 12,931,900 $ 3,398,170 The premium deposit funds credit interest based upon a fixed interest rate set by the Company. The Company has the ability to change this rate subject to minimums established by law or administrative regulation. Liabilities for premium deposit fund deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and following table provides information about premium deposit fund deposit-type contracts for the years ended December 31, 2017 2016. Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ - $ - Acquisition of Dakota Capital Lif e 175,410 - Assumed from American Life & Security Cor p 351,884 - Deposits receive d - - Interest credite d 4,382 - Withdrawal s (14,685 ) - Balance at end of year $ 516,991 $ - Revenue recognition and related expenses : Revenues on traditional life insurance products consist of direct premiums reported as earned when due. Premium income includes reinsurance assumed and is reduced by premiums ceded. Amounts r eceived as payment for annuity contracts without life contingencies are recognized as deposits to policyholder account balances and included in future insurance policy benefits. Revenues from these contracts are comprised of fees earned for contract-holder services, which are recognized over the period Statements of Cash Flows. Liabilities for future policy benefits are provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. Deferred acquisition costs : The Company capitalizes and amortizes over the life of the premiums produced incremental direct costs that result directly from and are essential to the contract acquisition transaction and would not not may third employees as well as the portion of employee compensation and other costs contracts. Additionally, an entity may lifetime of the insured. The following table provides information about deferred acquisition costs for the years ended December 31, 201 7 2016, Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ 153,792 $ 86,053 Deferred cost of reinsurance, American Life & Security Corp block acquisitio n 2,861,450 - Capitalization of commissions, sales and issue expense s 269,266 221,410 Amortization net of interes t (321,451 ) (153,671 ) Balance at end of year $ 2,963,057 $ 153,792 Comprehensive loss : Comprehensive loss is comprised of net loss and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses from marketable securities classified as available for sale, net of applicable taxes. Common stock and earnings (loss) per share: The par value for common stock is $0.10 20,000,000 December 31, 2017 2016 7,310,939 5,565,943 Earnings (loss) per share attributable to the Company ’s common stockholders were computed based on the net loss and the weighted average number of shares outstanding during each year. The weighted average number of shares outstanding during the years ended December 31, 2017 2016 5,871,949 5,421,972 December 31, 2017 2016 Income taxes : The Company is subject to U.S. federal and state taxes. The provision for income taxes is based on income as reported in the consolidated financial statements. The income tax provision is calculated using the asset and liability method. Deferred income taxes are recorded based on the differences between the financial statement and tax basis of assets and liabilities at the enacted rates expected to apply to taxable income in the years in which the differences are expected to reverse. A valuation allowance is established for the amount of any deferred tax asset that exceeds the amount of the estimated future taxable income needed to utilize the future tax benefits. All of the Company ’s tax returns are subject to U.S. federal, state and local income tax examinations by tax authorities. The Company had no December 31, 2017 2016. The tax years which remain subject to examination by taxing authorities are the years ended December 31, 201 4 2017. Risk and uncertainties: - Use of Estimates: The preparation of consolidated financial statements in conformity with US GAAP, generally accepted accounting principles in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. - Regulatory Factors: The insurance laws of Kansas give the KID broad regulatory authority, including powers to (i) grant and revoke licenses to transact business; (ii) regulate and supervise trade practices and market conduct, (iii) establish guaranty associations; (iv) license agents; (v) approve policy forms; (vi) approve premium rates for some lines of business; (vii) establish reserve requirements; (viii) prescribe the form and content of required financial statements and reports; (ix) determine the reasonableness and adequacy of statutory capital and surplus; and ( x The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Reform Act") reshapes financial regulations in the United States by creating new regulators, regulating new markets and firms, and providing new enforcement powers to regulators. Virtually all major areas of the Reform Act continue to be subject to regulatory interpretation and implementation rules requiring rulemaking that may - Reinsurance: In order to manage the risk of financial exposure to adverse underwriting results, USALSC reinsures a portion of its risk with other insurance companies. USALSC retains $35,000 $25,000 100% 25% $100,000 25% $25,000 three 100% 66% and DCLIC. The Company evaluates the financial condition of its reinsurers to minimize its exposure to losses from reinsurer insolvencies. Management believes that any liabilities arising from this contingency would not . - Interest Rate Risk: Interest rate fluctuations could impair an insurance company's ability to pay policyholder benefits with operating and investment cash flows, cash on hand and other cash sources. Annuity products expose the risk that changes in interest rates will reduce any spread, or the difference between the amounts that the insurance company is required to pay under the contracts and the amounts the insurance subsidiary is able to earn on its investments intended to support its obligations under the contracts. Spread is a key component of revenues. To the extent that interest rates credited are less than those generally available in the marketplace, policyholder lapses, policy loans and surrenders, and withdrawals of life insurance policies and annuity contracts may may may Increases in market interest rates may may If interest rates were to increase by 1%, 11.1% December 31, 2017. USALSC and DCLIC therefore may Conversely, in a period of prolonged low interest rates it is difficult to invest assets and earn the rate of return necessary to support insurance products. Some central banks currently have negative interest rates which contributes to the curre nt low interest rate environment. Policy lapses in excess of those actuarially anticipated would have a negative impact on our financial performance. Profitability could be reduced if lapse and surrender rates exceed the assumptions upon which the insuranc e policies were priced. Policy sales costs are deferred and recognized over the life of a policy. Excess policy lapses, however, cause the immediate expensing or amortizing of deferred policy sales costs. - Investment Risk: Our invested assets are subject to customary risks of defaults and changes in market values. Factors that may - Assumptions Risk: In the life insurance business, assumptions as to expected mortality, life insurance products are made. These assumptions are based on industry experience and are reviewed and revised regularly by an outside actuary to reflect actual experience on a current basis. However, variation of actual experience from that assumed in developing such terms may Reclassifications : Certain reclassifications of a minor nature have been made to prior-year balances to conform to current-year presentation with no New accounting standards : Revenue from Contracts with Customers In May 2014, not The following steps are applied in the updated guidance: ( 1 identify the contract(s) with a customer; ( 2 3 4 5 recognize revenue when, or as, the entity satisfies a performance obligation. In July 2015, one March 31, 2018. not Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, one If conditions or events raise substantial doubt that is not one The guidance is effective for annual periods ending after December 15, 2016, not Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. not The effect of the adoption of this guidance on the Company ’s results of operations, financial position and liquidity is primarily dependent on the fair value of the available-for-sale equity securities in future periods and the existence of a deferred tax asset related to available-for-sale securities in future periods that have not Leases In February 2016, 12 two no not The updated guidance is effective for reporting periods beginning after December 15, 2018, not Contingent Put and Call Options in Debt Instruments In March 2016, not December 15, 2016. The adoption of this guidance did not Measurement of Credit Losses on Financial Instruments In June 2016, The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security ’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no The updated guidance is effective for reporting periods beginning after December 15, 2019. December 15, 2018. not Classification of Certain C ash R eceipts and Cash P ayment In Aug ust 2016, eight not December 15, 2017, All other new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. Acquisitions On August 1, 2017 May 23, 2017 .5841 ’s common stock for each share of Northern Plains common stock, or 1,644,458 The Merger was accounted for under the acquisition method of accounting, which requires the consideration transferred and all assets and liabilities assumed to be recorded at fair value. The table below summarizes the fair value of the consideration transferred and the preliminary fair value of Northern Plains’ assets acquired and liabilities assumed: Fair value of US Alliance Corporation common stock issued as consideratio n $ 3,099,165 Amounts of indentifiable assets acquired and liablities assume d Investment securitie s $ 4,623,449 Cas h 1,079,627 Value of business acquired 609,061 Other asset s 60,080 Policyholder reserve s (1,277,411 ) Deposit type contract s (2,029,138 ) Other liabilitie s (243,608 ) Total indentifiable net asset s $ 2,822,060 Goodwil l 277,105 Total amounts of indentifiable assets acquired and liabilties assumed $ 3,099,165 The fair value of the US Alliance Corporation common stock issued as consideration and the assets acquired and liabilities assumed from our acquisition of Northern Plains was based on a valuation and our estimates and assumptions are subject to change within the measurement period. The following table presents unaudited pro forma consolidated total income and net loss as if the acquisition had occurred as of January 1, 201 6 Years Ended December 31, 2017 2016 (unaudited) Income: Premium income $ 11,193,686 $ 6,533,765 Net investment income 877,319 539,801 Net realized gain (loss) on sale of securities 478,303 44,282 Other income 20,995 14,391 Total income 12,570,303 7,132,239 Net Loss $ (1,201,899 ) $ (1,887,423 ) Net Loss per share $ (0.33 ) $ (0.52 ) The unaudited pro forma total income and net loss above was adjusted to eliminate the Third Party Administration fees paid by Northern Plains to the Company of $31,250 $75,781 December 31, 2017 2016, $201,577 December 31, 2017 December 31, 2017 2016 $78,379 $12,306, |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 3 . Investments The amortized cost and fair value of available for sale and held to maturity investments as of December 31 December 31, 2017 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 271,620 $ - $ (20,870 ) $ 250,750 Corporate bonds 11,857,191 309,754 (10,720 ) 12,156,225 Municipal bonds 6,134,323 230,842 (12,721 ) 6,352,444 Redeemable preferred stock 99,560 960 - 100,520 Mortgage backed and asset backed securities 4,077,011 32,726 (23,976 ) 4,085,761 Total fixed maturities 22,439,705 574,282 (68,287 ) 22,945,700 Equities: Equities 10,764,072 83,346 (183,903 ) 10,663,515 Total available for sale $ 33,203,777 $ 657,628 $ (252,190 ) $ 33,609,215 December 31, 2016 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 314,992 $ - $ (15,830 ) $ 299,162 Corporate bonds 3,828,418 62,712 (45,234 ) 3,845,896 Municipal bonds 2,841,137 46,883 (38,191 ) 2,849,829 Mortgage backed and asset backed securities 3,333,617 36,870 (45,300 ) 3,325,187 Total fixed maturities 10,318,164 146,465 (144,555 ) 10,320,074 Equities: Equities 4,723,024 350,981 (131,757 ) 4,942,248 Other equity investments 182,929 23,046 (4,719 ) 201,256 Total equities 4,905,953 374,027 (136,476 ) 5,143,504 Total available for sale $ 15,224,117 $ 520,492 $ (281,031 ) $ 15,463,578 The amortized cost and fair value of debt securities as of December 31, 201 7 2016, not not may may As of December 31, 2017 As of December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ - $ - $ 49,915 $ 49,931 After one year through five years 612,088 617,562 1,819,437 1,809,470 After five years through ten years 1,910,307 1,945,454 1,646,576 1,643,823 More than 10 years 15,740,739 16,196,403 3,468,619 3,491,663 Redeemable preferred stocks 99,560 100,520 - - Mortgage backed and asset backed securities 4,077,011 4,085,761 3,333,617 3,325,187 Total amortized cost and fair value $ 22,439,705 $ 22,945,700 $ 10,318,164 $ 10,320,074 Proceeds from the sale of securities , maturities, and asset paydowns in 2017 2016 $10,262,522 $1,674,014, Years Ended December 31, 2017 2016 Gross gains $ 499,568 $ 122,192 Gross losses (69,003 ) (21,814 ) Net security gains $ 430,565 $ 100,378 Gross unrealized losses by duration are summarized as follows: Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2017 Available for sale: Fixed maturities: US Treasury securities $ 250,750 $ (20,870 ) $ - $ - $ 250,750 $ (20,870 ) Corporate bonds 848,853 (5,733 ) 121,718 (4,987 ) 970,571 (10,720 ) Municipal bonds 735,257 (5,683 ) 192,962 (7,038 ) 928,219 (12,721 ) Mortgage backed and asset backed securities 2,056,887 (6,970 ) 654,936 (17,006 ) 2,711,823 (23,976 ) Total fixed maturities 3,891,747 (39,256 ) 969,616 (29,031 ) 4,861,363 (68,287 ) Equities: Equities 7,971,440 (105,946 ) 1,161,121 (77,957 ) 9,132,561 (183,903 ) Total available for sale $ 11,863,187 $ (145,202 ) $ 2,130,737 $ (106,988 ) $ 13,993,924 $ (252,190 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2016 Available for sale: Fixed maturities: US Treasury securities $ 299,162 $ (15,830 ) $ - $ - $ 299,162 $ (15,830 ) Corporate bonds 1,897,000 (42,994 ) 196,399 (2,240 ) 2,093,399 (45,234 ) Municipal bonds 1,296,688 (38,191 ) - - 1,296,688 (38,191 ) Mortgage backed and asset backed securities 1,700,173 (39,264 ) 134,090 (6,036 ) 1,834,263 (45,300 ) Total fixed maturities 5,193,023 (136,279 ) 330,489 (8,276 ) 5,523,512 (144,555 ) Equities: Equities 1,007,860 (59,357 ) 1,063,959 (72,400 ) 2,071,819 (131,757 ) Other equity investments 52,840 (4,719 ) - - 52,840 (4,719 ) Total equities 1,060,700 (64,076 ) 1,063,959 (72,400 ) 2,124,659 (136,476 ) Total available for sale $ 6,253,723 $ (200,355 ) $ 1,394,448 $ (80,676 ) $ 7,648,171 $ (281,031 ) Unrealized losses occur from market price declines that may competitive forces within an industry, issuer specific The total number of securities in the investment portfolio in an unrealized loss position as of December 31, 2017 47, $252,190 47 17 21 1 3 2 2 1 no December 31, 2017 2016. December 31, 2017 $657,628. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4 . Fair Value Measurements The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. The Company uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1 ● Level 2 1 . ● Level 3 ’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Investments , available for sale third third T he table below presents the amounts of assets measured at fair value on a recurring basis as of December 31: December 31, 2017 Total Level 1 Level 2 Level 3 Available for sale: Fixed maturities: US Treasury securities $ 250,750 $ 250,750 $ - $ - Corporate bonds 12,156,225 - 11,956,225 200,000 Municipal bonds 6,352,444 - 6,352,444 - Redeemable preferred stock 100,520 - 100,520 - Mortgage backed and asset backed securities 4,085,761 - 4,085,761 - Total fixed maturities 22,945,700 250,750 22,494,950 200,000 Equities: Equities 10,663,515 10,663,515 - - Total $ 33,609,215 $ 10,914,265 $ 22,494,950 $ 200,000 December 31, 2016 Total Level 1 Level 2 Level 3 Available for sale: Fixed maturities: US Treasury securities $ 299,162 $ 299,162 $ - $ - Corporate bonds 3,845,896 - 3,845,896 - Municipal bonds 2,849,829 - 2,849,829 - Mortgage backed and asset backed securities 3,325,187 - 3,325,187 - Total fixed maturities 10,320,074 299,162 10,020,912 - Equities: Equities 4,942,248 4,942,248 - - Other equity investments 201,256 201,256 - - Total equities 5,143,504 5,143,504 - - Total $ 15,463,578 $ 5,442,666 $ 10,020,912 $ - The Company discloses the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not Cash and cash equivalents Investment income due and accrued: Policy loans Policy loans are stated at unpaid principal balances. As these loans are fully collateralized by the cash surrender value of the underlying insurance policies, the carrying value of the policy loans approximates their fair value. Policyholder deposits in deposit- type contracts The estimated fair values of the Company ’s financial assets and liabilities at December 31 December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 651,809 $ 651,809 $ 3,145,745 $ 3,145,745 Investment income due and accrued 214,998 214,998 100,713 100,713 Policy loans 33,975 33,975 - - Investments, at fair value 33,609,215 33,609,215 15,463,578 15,463,578 Total Financial Assets $ 34,509,997 $ 34,509,997 $ 18,710,036 $ 18,710,036 Financial Liabilities: Policyholder deposits in deposit-type contracts $ 13,448,891 $ 12,508,470 $ 3,398,170 $ 3,260,086 Total Financial Liabilities $ 13,448,891 $ 12,508,470 $ 3,398,170 $ 3,260,086 |
Note 5 - Income Tax Provision
Note 5 - Income Tax Provision | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 . Income Tax Provision No December 31, 201 7 2016 100% The net operating loss carryforwards for the Company are $11 ,886,891 $5,050,176 December 31, 2017 2016, 100 |
Note 6 - Reinsurance
Note 6 - Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | Note 6 . Reinsurance A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of December 31, 201 7 2016 December 31, 2017 2016 December 31, 2017 December 31, 2016 Balance Sheets Benefits and claim reserves ceded $ 55,075 $ 28,830 Amounts due from ceding company 194,804 2,560 Benefits and claim reserves assumed 10,372,638 - Years Ended December 31, 2017 December 31, 2016 Statements of Comprehensive Loss Ceded premium $ 221,027 $ 144,023 Assumed premium 7,826,619 3,500,758 Allowances on ceded premium 10,441 10,644 Allowances paid on assumed premium 2,238,386 384,558 Assumed benefits and policyholder reserve increases 7,207,979 3,056,547 The Company currently reinsures business in excess of its retention with General Re Life Corporation , Reliance Standard Life Insurance Company, Unified Life Insurance Company and Optimum Re Insurance Company. The Company also currently assumes business under agreements with Unified Life Insurance Company and American Life and Security Corporation. On September 30, 2017, ALSC”) to assume 100% one $3,854,902 $2,861,450. |
Note 7 - Lease Commitments
Note 7 - Lease Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | Note 7 . Lease Commitments Total rent expense was $31,712 $27,000 December 31, 2017 2016, August 26, 2014 December 31, 2017 $27,000 2018. September 30, 2018. $8,532 2018. |
Note 8 - Warrants
Note 8 - Warrants | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8 . Warrants The Company conducted its public stock offering through the sale of units. Each unit was sold for $1,000 200 200 $6.00 not February 24, 2016. December 31, 2014 2,532,400 February 24, 2015 2016, 372,003 December 31, 2016 no Management engaged the services of an experienced valuation firm to value the warrants as of February 24, 2013. $0.01 December 31, 2017, no |
Note 9 - Restricted Funds
Note 9 - Restricted Funds | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | Note 9 . Restricted Funds As required by Kansas law, US Alliance Life and Security Company maintains a trust account at Capital City Bank which is jointly owned by the Kansas Insurance Department. The life insurance company is by the State of Kansas to hold $400,000 2015 These assets were held in bonds and other invested assets with a statement value of $625,000 $625,000 December 31, 2017 2016, $300,000 |
Note 10 - Statutory Net Income
Note 10 - Statutory Net Income and Surplus | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Statutory Accounting Practices Disclosure [Text Block] | Note 10 . Statutory Net Income and Surplus US Alliance Life and Security Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Kansas Insurance Department. Dakota Capital Life Insurance Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the North Dakota Insurance Department. Statutory practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. The following table summarizes the statutory net loss and statutory capital and surplus of US Alliance Life and Security Company and Dakota Capital Life Insurance Company as of December 31, 2017 2016 December 31, 2017 2016. Statutory Capital and Surplus as of December 31, December 31. 2017 2016 US Alliance Life and Security Company $ 4,186,381 $ 2,812,254 Dakota Capital Life Insurance Company 1,337,081 1,158,886 Statutory Net Loss for the years ended December 31, 2017 2016 US Alliance Life and Security Company $ (1,727,462 ) $ (868,744 ) Dakota Capital Life Insurance Company (129,989 ) (462,517 ) The payment of dividends to US Alliance Corporation by US Alliance Life and Security Company is subject to limitations imposed by applicable insurance laws. For example, “extraordinary” dividends may not 12 10% December 31 12 December 31 The payment of dividends to US Alliance Life and Security Company by Dakota Capital Life Insurance Company is subject to similar limitations. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 11 . Subsequent Events All of the effects of subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including the estimates inherent in the process of preparing the consolidated financial statements, are recognized in the consolidated financial statements. The Company does not not The Company has evaluated subsequent events after December 31, 2017 the date on which the consolidated financial statements were issued. F24 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation : The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation : The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated from the consolidated financial statements. |
Area of Operation, Policy [Policy Text Block] | Area of Operation: USALSC is authorized to operate in the states of Kansas, North Dakota, Missouri, Nebraska and Oklahoma. DCLIC is authorized to operate in the state of North Dakota. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents : For purposes of the statement of cash flows, the Company considers demand deposits and highly liquid investments with original maturities of three one $250,000 no December 31, 2017. not not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property , equipment and software Depreciation is computed by the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over no 5 no 10 no 10 Major categories of depreciable assets and the respective book values as of December 31, 2017 2016 December 31 , December 31 , 201 7 201 6 Compute r $ 20,755 $ 20,755 Furniture and equipmen t 92,077 80,956 Softwar e 257,500 257,500 Accumulated depreciatio n (149,255 ) (114,362 ) Balance at end of perio d $ 221,077 $ 244,849 |
Deferred Charges, Policy [Policy Text Block] | Pre-paid expenses: The Company recognizes pre-paid expenses as the expenses are incurred. Pre-paid expenses consist of systems consulting hours and insurance. Systems consulting hours are charged as they are incurred on projects. Insurance expenses are charged straight line over the life of the contract. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Investments : Investments in available-for-sale securities are carried in the consolidated financial statements at fair value with the net unrealized holding gains (losses) included in accumulated other comprehensive income. Bond premiums and discounts are amortized using the scientific-yield method over the term of the bonds. Realized gains and losses on securities sold during the year are determined using the specific identification method and included in investment income. Investment income is recognized as earned. Management has a policy and process in place to identify securities that could potentially have an impairment that is other-than-temporary. The assessment of whether impairments have occurred is based on a case-by-case evaluation of underlying reasons for the decline in fair value. We consider severity of impairment, duration of impairment, forecasted recovery period, industry outlook, financial condition of the issuer, issuer credit ratings and whether we intend to sell a security or it is more likely than not The recognition of other-than-temporary impairment losses on debt securities is dependent on the facts and circumstances related to the specific security. If we intend to sell a security or it is more likely than not not not not not would be recognized. We would recognize the credit loss portion through earnings in the income statement and the noncredit loss portion in accumulated other comprehensive loss. As of December 31, 2017 2016, no |
Present Value of Future Insurance Profits, Policy [Policy Text Block] | Value of business acquired : - force of the assumed policy obligations at the date of acquisition of a block of policies. At least annually, a review is performed of the models and the assumptions used to develop expected future profits, based upon management’s current view of future events. VOBA is reviewed on an ongoing basis to determine that the unamortized portion does not not may 30 In addition, we may |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill fourth may |
Reinsurance Accounting Policy [Policy Text Block] | Reinsurance : In the normal course of business, the Company seeks to limit aggregate and single exposure to losses on risks by purchasing reinsurance. The amounts reported in the consolidated balance sheets as reinsurance recoverable include amounts billed to reinsurers on losses paid as well as not Reinsurance recoverable on unpaid losses are estimated based upon assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance gross of reinsurance recoverable. Management believes the recoverables are appropriately established. Reinsurance premiums are generally reflected in income in a manner consistent with the recognition of premiums on the reinsured contracts. Reinsurance does not ’s primary liability under the policies written. Therefore, the Company regularly evaluates the financial condition of its reinsurers including their activities with respect to claim settlement practices reinsurance recoverable as appropriate. There were no December 31, 2017 2016. |
Future Policy Benefits Liability, Policy [Policy Text Block] | Benefit reserves : The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables. |
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | Policy claims : Policy claims are based on reported claims plus estimated incurred but not not $85,832 |
Deposit Contracts, Policy [Policy Text Block] | Deposit-type contracts : Deposit-type contracts consist of amounts on deposit associated with deferred annuity contracts and premium deposit funds. The deferred annuity contracts credit interest based upon a fixed interest rate set by the Company. The Company has the ability to change this rate annually subject to minimums established by law or administrative regulation. Liabilities for deferred annuity deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less policyholder withdrawals. The following table provides information about deferred annuity deposit-type contracts for the years ended December 31, 2017 2016. Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ 3,398,170 $ 1,573,988 Acquisition of Dakota Capital Lif e 1,853,728 - Assumed from American Life & Security Cor p 5,841,703 - Deposits receive d 2,187,387 1,989,833 Interest credite d 243,310 80,452 Withdrawal s (592,398 ) (246,103 ) Balance at end of year $ 12,931,900 $ 3,398,170 The premium deposit funds credit interest based upon a fixed interest rate set by the Company. The Company has the ability to change this rate subject to minimums established by law or administrative regulation. Liabilities for premium deposit fund deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and following table provides information about premium deposit fund deposit-type contracts for the years ended December 31, 2017 2016. Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ - $ - Acquisition of Dakota Capital Lif e 175,410 - Assumed from American Life & Security Cor p 351,884 - Deposits receive d - - Interest credite d 4,382 - Withdrawal s (14,685 ) - Balance at end of year $ 516,991 $ - |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Revenue recognition and related expenses : Revenues on traditional life insurance products consist of direct premiums reported as earned when due. Premium income includes reinsurance assumed and is reduced by premiums ceded. Amounts r eceived as payment for annuity contracts without life contingencies are recognized as deposits to policyholder account balances and included in future insurance policy benefits. Revenues from these contracts are comprised of fees earned for contract-holder services, which are recognized over the period Statements of Cash Flows. Liabilities for future policy benefits are provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | Deferred acquisition costs : The Company capitalizes and amortizes over the life of the premiums produced incremental direct costs that result directly from and are essential to the contract acquisition transaction and would not not may third employees as well as the portion of employee compensation and other costs contracts. Additionally, an entity may lifetime of the insured. The following table provides information about deferred acquisition costs for the years ended December 31, 201 7 2016, Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ 153,792 $ 86,053 Deferred cost of reinsurance, American Life & Security Corp block acquisitio n 2,861,450 - Capitalization of commissions, sales and issue expense s 269,266 221,410 Amortization net of interes t (321,451 ) (153,671 ) Balance at end of year $ 2,963,057 $ 153,792 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive loss : Comprehensive loss is comprised of net loss and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses from marketable securities classified as available for sale, net of applicable taxes. |
Earnings Per Share, Policy [Policy Text Block] | Common stock and earnings (loss) per share: The par value for common stock is $0.10 20,000,000 December 31, 2017 2016 7,310,939 5,565,943 Earnings (loss) per share attributable to the Company ’s common stockholders were computed based on the net loss and the weighted average number of shares outstanding during each year. The weighted average number of shares outstanding during the years ended December 31, 2017 2016 5,871,949 5,421,972 December 31, 2017 2016 |
Income Tax, Policy [Policy Text Block] | Income taxes : The Company is subject to U.S. federal and state taxes. The provision for income taxes is based on income as reported in the consolidated financial statements. The income tax provision is calculated using the asset and liability method. Deferred income taxes are recorded based on the differences between the financial statement and tax basis of assets and liabilities at the enacted rates expected to apply to taxable income in the years in which the differences are expected to reverse. A valuation allowance is established for the amount of any deferred tax asset that exceeds the amount of the estimated future taxable income needed to utilize the future tax benefits. All of the Company ’s tax returns are subject to U.S. federal, state and local income tax examinations by tax authorities. The Company had no December 31, 2017 2016. The tax years which remain subject to examination by taxing authorities are the years ended December 31, 201 4 2017. |
Use of Estimates, Policy [Policy Text Block] | - Use of Estimates: The preparation of consolidated financial statements in conformity with US GAAP, generally accepted accounting principles in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Regulatory Factors, Policy [Policy Text Block] | - Regulatory Factors: The insurance laws of Kansas give the KID broad regulatory authority, including powers to (i) grant and revoke licenses to transact business; (ii) regulate and supervise trade practices and market conduct, (iii) establish guaranty associations; (iv) license agents; (v) approve policy forms; (vi) approve premium rates for some lines of business; (vii) establish reserve requirements; (viii) prescribe the form and content of required financial statements and reports; (ix) determine the reasonableness and adequacy of statutory capital and surplus; and ( x The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Reform Act") reshapes financial regulations in the United States by creating new regulators, regulating new markets and firms, and providing new enforcement powers to regulators. Virtually all major areas of the Reform Act continue to be subject to regulatory interpretation and implementation rules requiring rulemaking that may |
Reinsurance Contract Risk, Policy [Policy Text Block] | - Reinsurance: In order to manage the risk of financial exposure to adverse underwriting results, USALSC reinsures a portion of its risk with other insurance companies. USALSC retains $35,000 $25,000 100% 25% $100,000 25% $25,000 three 100% 66% and DCLIC. The Company evaluates the financial condition of its reinsurers to minimize its exposure to losses from reinsurer insolvencies. Management believes that any liabilities arising from this contingency would not . |
Interest Rate Risk, Policy [Policy Text Block] | - Interest Rate Risk: Interest rate fluctuations could impair an insurance company's ability to pay policyholder benefits with operating and investment cash flows, cash on hand and other cash sources. Annuity products expose the risk that changes in interest rates will reduce any spread, or the difference between the amounts that the insurance company is required to pay under the contracts and the amounts the insurance subsidiary is able to earn on its investments intended to support its obligations under the contracts. Spread is a key component of revenues. To the extent that interest rates credited are less than those generally available in the marketplace, policyholder lapses, policy loans and surrenders, and withdrawals of life insurance policies and annuity contracts may may may Increases in market interest rates may may If interest rates were to increase by 1%, 11.1% December 31, 2017. USALSC and DCLIC therefore may Conversely, in a period of prolonged low interest rates it is difficult to invest assets and earn the rate of return necessary to support insurance products. Some central banks currently have negative interest rates which contributes to the curre nt low interest rate environment. Policy lapses in excess of those actuarially anticipated would have a negative impact on our financial performance. Profitability could be reduced if lapse and surrender rates exceed the assumptions upon which the insuranc e policies were priced. Policy sales costs are deferred and recognized over the life of a policy. Excess policy lapses, however, cause the immediate expensing or amortizing of deferred policy sales costs. |
Investment Risk, Policy [Policy Text Block] | - Investment Risk: Our invested assets are subject to customary risks of defaults and changes in market values. Factors that may |
Assumption Risk, Policy [Policy Text Block] | - Assumptions Risk: In the life insurance business, assumptions as to expected mortality, life insurance products are made. These assumptions are based on industry experience and are reviewed and revised regularly by an outside actuary to reflect actual experience on a current basis. However, variation of actual experience from that assumed in developing such terms may |
Reclassification, Policy [Policy Text Block] | Reclassifications : Certain reclassifications of a minor nature have been made to prior-year balances to conform to current-year presentation with no |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting standards : Revenue from Contracts with Customers In May 2014, not The following steps are applied in the updated guidance: ( 1 identify the contract(s) with a customer; ( 2 3 4 5 recognize revenue when, or as, the entity satisfies a performance obligation. In July 2015, one March 31, 2018. not Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, one If conditions or events raise substantial doubt that is not one The guidance is effective for annual periods ending after December 15, 2016, not Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. not The effect of the adoption of this guidance on the Company ’s results of operations, financial position and liquidity is primarily dependent on the fair value of the available-for-sale equity securities in future periods and the existence of a deferred tax asset related to available-for-sale securities in future periods that have not Leases In February 2016, 12 two no not The updated guidance is effective for reporting periods beginning after December 15, 2018, not Contingent Put and Call Options in Debt Instruments In March 2016, not December 15, 2016. The adoption of this guidance did not Measurement of Credit Losses on Financial Instruments In June 2016, The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security ’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no The updated guidance is effective for reporting periods beginning after December 15, 2019. December 15, 2018. not Classification of Certain C ash R eceipts and Cash P ayment In Aug ust 2016, eight not December 15, 2017, All other new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not |
Note 1 - Description of Busin20
Note 1 - Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31 , December 31 , 201 7 201 6 Compute r $ 20,755 $ 20,755 Furniture and equipmen t 92,077 80,956 Softwar e 257,500 257,500 Accumulated depreciatio n (149,255 ) (114,362 ) Balance at end of perio d $ 221,077 $ 244,849 |
Information About Deposit-type Contracts [Table Text Block] | Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ 3,398,170 $ 1,573,988 Acquisition of Dakota Capital Lif e 1,853,728 - Assumed from American Life & Security Cor p 5,841,703 - Deposits receive d 2,187,387 1,989,833 Interest credite d 243,310 80,452 Withdrawal s (592,398 ) (246,103 ) Balance at end of year $ 12,931,900 $ 3,398,170 Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ - $ - Acquisition of Dakota Capital Lif e 175,410 - Assumed from American Life & Security Cor p 351,884 - Deposits receive d - - Interest credite d 4,382 - Withdrawal s (14,685 ) - Balance at end of year $ 516,991 $ - |
Deferred Policy Acquisition Costs [Table Text Block] | Year ende d Year ende d December 31 , December 31 , 201 7 201 6 Balance at beginning of year $ 153,792 $ 86,053 Deferred cost of reinsurance, American Life & Security Corp block acquisitio n 2,861,450 - Capitalization of commissions, sales and issue expense s 269,266 221,410 Amortization net of interes t (321,451 ) (153,671 ) Balance at end of year $ 2,963,057 $ 153,792 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of US Alliance Corporation common stock issued as consideratio n $ 3,099,165 Amounts of indentifiable assets acquired and liablities assume d Investment securitie s $ 4,623,449 Cas h 1,079,627 Value of business acquired 609,061 Other asset s 60,080 Policyholder reserve s (1,277,411 ) Deposit type contract s (2,029,138 ) Other liabilitie s (243,608 ) Total indentifiable net asset s $ 2,822,060 Goodwil l 277,105 Total amounts of indentifiable assets acquired and liabilties assumed $ 3,099,165 |
Business Acquisition, Pro Forma Information [Table Text Block] | Years Ended December 31, 2017 2016 (unaudited) Income: Premium income $ 11,193,686 $ 6,533,765 Net investment income 877,319 539,801 Net realized gain (loss) on sale of securities 478,303 44,282 Other income 20,995 14,391 Total income 12,570,303 7,132,239 Net Loss $ (1,201,899 ) $ (1,887,423 ) Net Loss per share $ (0.33 ) $ (0.52 ) |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | December 31, 2017 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 271,620 $ - $ (20,870 ) $ 250,750 Corporate bonds 11,857,191 309,754 (10,720 ) 12,156,225 Municipal bonds 6,134,323 230,842 (12,721 ) 6,352,444 Redeemable preferred stock 99,560 960 - 100,520 Mortgage backed and asset backed securities 4,077,011 32,726 (23,976 ) 4,085,761 Total fixed maturities 22,439,705 574,282 (68,287 ) 22,945,700 Equities: Equities 10,764,072 83,346 (183,903 ) 10,663,515 Total available for sale $ 33,203,777 $ 657,628 $ (252,190 ) $ 33,609,215 December 31, 2016 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 314,992 $ - $ (15,830 ) $ 299,162 Corporate bonds 3,828,418 62,712 (45,234 ) 3,845,896 Municipal bonds 2,841,137 46,883 (38,191 ) 2,849,829 Mortgage backed and asset backed securities 3,333,617 36,870 (45,300 ) 3,325,187 Total fixed maturities 10,318,164 146,465 (144,555 ) 10,320,074 Equities: Equities 4,723,024 350,981 (131,757 ) 4,942,248 Other equity investments 182,929 23,046 (4,719 ) 201,256 Total equities 4,905,953 374,027 (136,476 ) 5,143,504 Total available for sale $ 15,224,117 $ 520,492 $ (281,031 ) $ 15,463,578 |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of December 31, 2017 As of December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ - $ - $ 49,915 $ 49,931 After one year through five years 612,088 617,562 1,819,437 1,809,470 After five years through ten years 1,910,307 1,945,454 1,646,576 1,643,823 More than 10 years 15,740,739 16,196,403 3,468,619 3,491,663 Redeemable preferred stocks 99,560 100,520 - - Mortgage backed and asset backed securities 4,077,011 4,085,761 3,333,617 3,325,187 Total amortized cost and fair value $ 22,439,705 $ 22,945,700 $ 10,318,164 $ 10,320,074 |
Realized Gain (Loss) on Investments [Table Text Block] | Years Ended December 31, 2017 2016 Gross gains $ 499,568 $ 122,192 Gross losses (69,003 ) (21,814 ) Net security gains $ 430,565 $ 100,378 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2017 Available for sale: Fixed maturities: US Treasury securities $ 250,750 $ (20,870 ) $ - $ - $ 250,750 $ (20,870 ) Corporate bonds 848,853 (5,733 ) 121,718 (4,987 ) 970,571 (10,720 ) Municipal bonds 735,257 (5,683 ) 192,962 (7,038 ) 928,219 (12,721 ) Mortgage backed and asset backed securities 2,056,887 (6,970 ) 654,936 (17,006 ) 2,711,823 (23,976 ) Total fixed maturities 3,891,747 (39,256 ) 969,616 (29,031 ) 4,861,363 (68,287 ) Equities: Equities 7,971,440 (105,946 ) 1,161,121 (77,957 ) 9,132,561 (183,903 ) Total available for sale $ 11,863,187 $ (145,202 ) $ 2,130,737 $ (106,988 ) $ 13,993,924 $ (252,190 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2016 Available for sale: Fixed maturities: US Treasury securities $ 299,162 $ (15,830 ) $ - $ - $ 299,162 $ (15,830 ) Corporate bonds 1,897,000 (42,994 ) 196,399 (2,240 ) 2,093,399 (45,234 ) Municipal bonds 1,296,688 (38,191 ) - - 1,296,688 (38,191 ) Mortgage backed and asset backed securities 1,700,173 (39,264 ) 134,090 (6,036 ) 1,834,263 (45,300 ) Total fixed maturities 5,193,023 (136,279 ) 330,489 (8,276 ) 5,523,512 (144,555 ) Equities: Equities 1,007,860 (59,357 ) 1,063,959 (72,400 ) 2,071,819 (131,757 ) Other equity investments 52,840 (4,719 ) - - 52,840 (4,719 ) Total equities 1,060,700 (64,076 ) 1,063,959 (72,400 ) 2,124,659 (136,476 ) Total available for sale $ 6,253,723 $ (200,355 ) $ 1,394,448 $ (80,676 ) $ 7,648,171 $ (281,031 ) |
Note 4 - Fair Value Measureme23
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2017 Total Level 1 Level 2 Level 3 Available for sale: Fixed maturities: US Treasury securities $ 250,750 $ 250,750 $ - $ - Corporate bonds 12,156,225 - 11,956,225 200,000 Municipal bonds 6,352,444 - 6,352,444 - Redeemable preferred stock 100,520 - 100,520 - Mortgage backed and asset backed securities 4,085,761 - 4,085,761 - Total fixed maturities 22,945,700 250,750 22,494,950 200,000 Equities: Equities 10,663,515 10,663,515 - - Total $ 33,609,215 $ 10,914,265 $ 22,494,950 $ 200,000 December 31, 2016 Total Level 1 Level 2 Level 3 Available for sale: Fixed maturities: US Treasury securities $ 299,162 $ 299,162 $ - $ - Corporate bonds 3,845,896 - 3,845,896 - Municipal bonds 2,849,829 - 2,849,829 - Mortgage backed and asset backed securities 3,325,187 - 3,325,187 - Total fixed maturities 10,320,074 299,162 10,020,912 - Equities: Equities 4,942,248 4,942,248 - - Other equity investments 201,256 201,256 - - Total equities 5,143,504 5,143,504 - - Total $ 15,463,578 $ 5,442,666 $ 10,020,912 $ - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 651,809 $ 651,809 $ 3,145,745 $ 3,145,745 Investment income due and accrued 214,998 214,998 100,713 100,713 Policy loans 33,975 33,975 - - Investments, at fair value 33,609,215 33,609,215 15,463,578 15,463,578 Total Financial Assets $ 34,509,997 $ 34,509,997 $ 18,710,036 $ 18,710,036 Financial Liabilities: Policyholder deposits in deposit-type contracts $ 13,448,891 $ 12,508,470 $ 3,398,170 $ 3,260,086 Total Financial Liabilities $ 13,448,891 $ 12,508,470 $ 3,398,170 $ 3,260,086 |
Note 6 - Reinsurance (Tables)
Note 6 - Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Effects of Reinsurance [Table Text Block] | December 31, 2017 December 31, 2016 Balance Sheets Benefits and claim reserves ceded $ 55,075 $ 28,830 Amounts due from ceding company 194,804 2,560 Benefits and claim reserves assumed 10,372,638 - Years Ended December 31, 2017 December 31, 2016 Statements of Comprehensive Loss Ceded premium $ 221,027 $ 144,023 Assumed premium 7,826,619 3,500,758 Allowances on ceded premium 10,441 10,644 Allowances paid on assumed premium 2,238,386 384,558 Assumed benefits and policyholder reserve increases 7,207,979 3,056,547 |
Note 10 - Statutory Net Incom25
Note 10 - Statutory Net Income and Surplus (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Statutory Accounting Practices Disclosure [Table Text Block] | Statutory Capital and Surplus as of December 31, December 31. 2017 2016 US Alliance Life and Security Company $ 4,186,381 $ 2,812,254 Dakota Capital Life Insurance Company 1,337,081 1,158,886 Statutory Net Loss for the years ended December 31, 2017 2016 US Alliance Life and Security Company $ (1,727,462 ) $ (868,744 ) Dakota Capital Life Insurance Company (129,989 ) (462,517 ) |
Note 1 - Description of Busin26
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Wholly-Owned Operating Subsidiaries | 4 | |
Cash, FDIC Insured Amount | $ 250,000 | |
Cash, Uninsured Amount | 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 |
Present Value of Future Insurance Profits, Weighted Average Amortization Period | 30 years | |
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,310,939 | 5,565,943 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5,871,949 | 5,421,972 |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Interest Rate Risk, Fixed Income Securities, Impact of 1 Percent Increase in Interest Rate | 11.10% | |
Common Stock, Shares, Outstanding | 7,310,939 | 5,565,943 |
Pioneer Whole Life [Member] | ||
Reinsurance Retention Policy, Amount Retained | $ 35,000 | |
Solid Solutions Term Life Series and Sound Solutions Term Life Series [Member] | ||
Reinsurance Retention Policy, Amount Retained | $ 25,000 | |
Accidental Death Benefit Rider [Member] | ||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 100.00% | |
Group Life Products [Member] | ||
Reinsurance Retention Policy, Amount Retained | $ 100,000 | |
Reinsurance Retention Policy, Excess Retention, Percentage | 25.00% | |
Group Accidental Death and Dismemberment [Member] | ||
Reinsurance Retention Policy, Amount Retained | $ 25,000 | |
Reinsurance Retention Policy, Excess Retention, Percentage | 25.00% | |
Group Disability [Member] | ||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 100.00% | |
Critical Illness [Member] | ||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 66.00% | |
Policyholder Benefit Reserves [Member] | ||
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | $ 85,832 | |
Allowance for Reinsurance Recoverable [Member] | ||
Valuation Allowances and Reserves, Balance | $ 0 | $ 0 |
Computer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Product Concentration Risk [Member] | Direct Premium Revenue [Member] | Single Pay Life Products [Member] | ||
Concentration Risk, Percentage | 73.00% | |
Product Concentration Risk [Member] | Direct Premium Revenue [Member] | Individual Life Products [Member] | ||
Concentration Risk, Percentage | 18.00% | |
Product Concentration Risk [Member] | Direct Premium Revenue [Member] | Group Life Products [Member] | ||
Concentration Risk, Percentage | 9.00% |
Note 1 - Description of Busin27
Note 1 - Description of Business and Significant Accounting Policies - Major Categories of Depreciable Assets and Respective Book Values (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated depreciation | $ (149,255) | $ (114,362) |
Property, equipment and software, net | 221,077 | 244,849 |
Computer Equipment [Member] | ||
Property, equipment and software, gross | 20,755 | 20,755 |
Furniture and Equipment [Member] | ||
Property, equipment and software, gross | 92,077 | 80,956 |
Software and Software Development Costs [Member] | ||
Property, equipment and software, gross | $ 257,500 | $ 257,500 |
Note 1 - Description of Busin28
Note 1 - Description of Business and Significant Accounting Policies - Information About Deposit-type Contracts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of year | $ 3,398,170 | |
Receipts on deposit-type contracts | 2,187,387 | $ 1,989,833 |
Interest credited | 247,692 | 80,452 |
Withdrawals on deposit-type contracts | (607,083) | (246,103) |
Balance at end of year | 13,448,891 | 3,398,170 |
Deferred Annuity Deposit-type Contracts [Member] | ||
Balance at beginning of year | 3,398,170 | 1,573,988 |
Acquisition of Dakota Capital Life | 1,853,728 | |
Assumed from American Life & Security Corp | 5,841,703 | |
Receipts on deposit-type contracts | 2,187,387 | 1,989,833 |
Interest credited | 243,310 | 80,452 |
Withdrawals on deposit-type contracts | (592,398) | (246,103) |
Balance at end of year | 12,931,900 | 3,398,170 |
Premium Deposit Fund Deposit-type Contracts [Member] | ||
Balance at beginning of year | ||
Acquisition of Dakota Capital Life | 175,410 | |
Assumed from American Life & Security Corp | 351,884 | |
Receipts on deposit-type contracts | ||
Interest credited | 4,382 | |
Withdrawals on deposit-type contracts | (14,685) | |
Balance at end of year | $ 516,991 |
Note 1 - Description of Busin29
Note 1 - Description of Business and Significant Accounting Policies - Information About Deferred Acquisition Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of year | $ 153,792 | $ 86,053 |
Deferred cost of reinsurance, American Life & Security Corp block acquisition | 2,861,450 | |
Capitalization of commissions, sales and issue expenses | 269,266 | 221,410 |
Amortization net of interest | (321,451) | (153,671) |
Balance at end of year | $ 2,963,057 | $ 153,792 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - Northern Plains [Member] | Aug. 01, 2017shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition, Equity Interest Issued or Issuable, Exchange Ratio | 0.5841 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 1,644,458 | ||
Proceeds from Third Party Administrative (TPA) Fees Received | $ 31,250 | $ 75,781 | |
Business Combination, Acquisition Related Costs | 201,577 | ||
Business Acquisition, Pro Forma Information, Adjustments for Amortization of VOBA and Elimination of DAC Amortization | $ 78,379 | $ 12,306 |
Note 2 - Acquisitions - Fair Va
Note 2 - Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Aug. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Amounts of indentifiable assets acquired and liablities assumed | |||
Goodwill | $ 277,542 | ||
Northern Plains [Member] | |||
Fair value of US Alliance Corporation common stock issued as consideration | $ 3,099,165 | ||
Amounts of indentifiable assets acquired and liablities assumed | |||
Investment securities | 4,623,449 | ||
Cash | 1,079,627 | ||
Value of business acquired | 609,061 | ||
Other assets | 60,080 | ||
Policyholder reserves | (1,277,411) | ||
Deposit type contracts | (2,029,138) | ||
Other liabilities | (243,608) | ||
Total indentifiable net assets | 2,822,060 | ||
Goodwill | 277,105 | ||
Total amounts of indentifiable assets acquired and liabilties assumed | $ 3,099,165 |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma Information (Details) - Northern Plains [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Premium income | $ 11,193,686 | $ 6,533,765 |
Net investment income | 877,319 | 539,801 |
Net realized gain (loss) on sale of securities | 478,303 | 44,282 |
Other income | 20,995 | 14,391 |
Total income | 12,570,303 | 7,132,239 |
Net Loss | $ (1,201,899) | $ (1,887,423) |
Net Loss per share (in dollars per share) | $ (0.33) | $ (0.52) |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Proceeds from Sale, Maturity and Collection of Investments | $ 10,262,522 | $ 1,674,014 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 47 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 252,190 | 281,031 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | $ 0 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | $ 657,628 | |
Fixed Income Securities [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 17 | |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 21 | |
Common Stock [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | |
Preferred Stock [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | |
Corporate Debt Securities [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | |
Preferred Stock Index Fund [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | |
Senior Loan Fund [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 |
Note 3 - Investments - Amortize
Note 3 - Investments - Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Investments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Cost or Amortized Cost | $ 33,203,777 | $ 15,224,117 |
Gross Unrealized Gains | 657,628 | 520,492 |
Gross Unrealized Losses | (252,190) | (281,031) |
Fair Value | 33,609,215 | 15,463,578 |
Fixed Maturities [Member] | ||
Cost or Amortized Cost | 22,439,705 | 10,318,164 |
Gross Unrealized Gains | 574,282 | 146,465 |
Gross Unrealized Losses | (68,287) | (144,555) |
Fair Value | 22,945,700 | 10,320,074 |
Equity Securities [Member] | ||
Cost or Amortized Cost | 10,764,072 | 4,723,024 |
Gross Unrealized Gains | 83,346 | 350,981 |
Gross Unrealized Losses | (183,903) | (131,757) |
Fair Value | 10,663,515 | 4,942,248 |
Other Equity Investments [Member] | ||
Cost or Amortized Cost | 182,929 | |
Gross Unrealized Gains | 23,046 | |
Gross Unrealized Losses | (4,719) | |
Fair Value | 201,256 | |
Equities, Including Equity Securities and Other Equity Investments [Member] | ||
Cost or Amortized Cost | 10,764,072 | 4,905,953 |
Gross Unrealized Gains | 374,027 | |
Gross Unrealized Losses | (136,476) | |
Fair Value | 10,663,515 | 5,143,504 |
US Treasury Securities [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 271,620 | 314,992 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (20,870) | (15,830) |
Fair Value | 250,750 | 299,162 |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 11,857,191 | 3,828,418 |
Gross Unrealized Gains | 309,754 | 62,712 |
Gross Unrealized Losses | (10,720) | (45,234) |
Fair Value | 12,156,225 | 3,845,896 |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 6,134,323 | 2,841,137 |
Gross Unrealized Gains | 230,842 | 46,883 |
Gross Unrealized Losses | (12,721) | (38,191) |
Fair Value | 6,352,444 | 2,849,829 |
Redeemable Preferred Stock [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 99,560 | |
Gross Unrealized Gains | 960 | |
Gross Unrealized Losses | ||
Fair Value | 100,520 | |
Collateralized Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 4,077,011 | 3,333,617 |
Gross Unrealized Gains | 32,726 | 36,870 |
Gross Unrealized Losses | (23,976) | (45,300) |
Fair Value | $ 4,085,761 | $ 3,325,187 |
Note 3 - Investments - Amorti35
Note 3 - Investments - Amortized Cost and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
One year or less, amortized cost | $ 49,915 | |
One year or less, fair value | 49,931 | |
After one year through five years, amortized cost | 612,088 | 1,819,437 |
After one year through five years, fair value | 617,562 | 1,809,470 |
After five years through ten years, amortized cost | 1,910,307 | 1,646,576 |
After five years through ten years, fair value | 1,945,454 | 1,643,823 |
More than 10 years, amortized cost | 15,740,739 | 3,468,619 |
More than 10 years, fair value | 16,196,403 | 3,491,663 |
Total amortized cost and fair value | 22,439,705 | 10,318,164 |
Total amortized cost and fair value | 22,945,700 | 10,320,074 |
Redeemable Preferred Stock [Member] | ||
Debt securities, amortized cost | 99,560 | |
Debt securities, fair value | 100,520 | |
Collateralized Mortgage Backed Securities [Member] | ||
Debt securities, amortized cost | 4,077,011 | 3,333,617 |
Debt securities, fair value | $ 4,085,761 | $ 3,325,187 |
Note 3 - Investments - Realized
Note 3 - Investments - Realized Gains and Losses Related to the Sale of Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Gross gains | $ 499,568 | $ 122,192 |
Gross losses | (69,003) | (21,814) |
Net security gains | $ 430,565 | $ 100,378 |
Note 3 - Investments - Gross Un
Note 3 - Investments - Gross Unrealized Losses (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale securities, less than 12 months, fair value | $ 11,863,187 | $ 6,253,723 |
Available-for-sale securities, less than 12 months, unrealized loss | (145,202) | (200,355) |
Available-for-sale securities, greater than 12 months, fair value | 2,130,737 | 1,394,448 |
Available-for-sale securities, greater than 12 months, unrealized loss | (106,988) | (80,676) |
Available-for-sale securities, fair value | 13,993,924 | 7,648,171 |
Available-for-sale securities, unrealized loss | (252,190) | (281,031) |
Fixed Maturities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 3,891,747 | 5,193,023 |
Available-for-sale securities, less than 12 months, unrealized loss | (39,256) | (136,279) |
Available-for-sale securities, greater than 12 months, fair value | 969,616 | 330,489 |
Available-for-sale securities, greater than 12 months, unrealized loss | (29,031) | (8,276) |
Available-for-sale securities, fair value | 4,861,363 | 5,523,512 |
Available-for-sale securities, unrealized loss | (68,287) | (144,555) |
Fixed Maturities [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 250,750 | 299,162 |
Available-for-sale securities, less than 12 months, unrealized loss | (20,870) | (15,830) |
Available-for-sale securities, greater than 12 months, fair value | ||
Available-for-sale securities, greater than 12 months, unrealized loss | ||
Available-for-sale securities, fair value | 250,750 | 299,162 |
Available-for-sale securities, unrealized loss | (20,870) | (15,830) |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 848,853 | 1,897,000 |
Available-for-sale securities, less than 12 months, unrealized loss | (5,733) | (42,994) |
Available-for-sale securities, greater than 12 months, fair value | 121,718 | 196,399 |
Available-for-sale securities, greater than 12 months, unrealized loss | (4,987) | (2,240) |
Available-for-sale securities, fair value | 970,571 | 2,093,399 |
Available-for-sale securities, unrealized loss | (10,720) | (45,234) |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 735,257 | 1,296,688 |
Available-for-sale securities, less than 12 months, unrealized loss | (5,683) | (38,191) |
Available-for-sale securities, greater than 12 months, fair value | 192,962 | |
Available-for-sale securities, greater than 12 months, unrealized loss | (7,038) | |
Available-for-sale securities, fair value | 928,219 | 1,296,688 |
Available-for-sale securities, unrealized loss | (12,721) | (38,191) |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 2,056,887 | 1,700,173 |
Available-for-sale securities, less than 12 months, unrealized loss | (6,970) | (39,264) |
Available-for-sale securities, greater than 12 months, fair value | 654,936 | 134,090 |
Available-for-sale securities, greater than 12 months, unrealized loss | (17,006) | (6,036) |
Available-for-sale securities, fair value | 2,711,823 | 1,834,263 |
Available-for-sale securities, unrealized loss | (23,976) | (45,300) |
Equity Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 7,971,440 | 1,007,860 |
Available-for-sale securities, less than 12 months, unrealized loss | (105,946) | (59,357) |
Available-for-sale securities, greater than 12 months, fair value | 1,161,121 | 1,063,959 |
Available-for-sale securities, greater than 12 months, unrealized loss | (77,957) | (72,400) |
Available-for-sale securities, fair value | 9,132,561 | 2,071,819 |
Available-for-sale securities, unrealized loss | $ (183,903) | (131,757) |
Other Equity Investments [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 52,840 | |
Available-for-sale securities, less than 12 months, unrealized loss | (4,719) | |
Available-for-sale securities, greater than 12 months, fair value | ||
Available-for-sale securities, greater than 12 months, unrealized loss | ||
Available-for-sale securities, fair value | 52,840 | |
Available-for-sale securities, unrealized loss | (4,719) | |
Equities, Including Equity Securities and Other Equity Investments [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 1,060,700 | |
Available-for-sale securities, less than 12 months, unrealized loss | (64,076) | |
Available-for-sale securities, greater than 12 months, fair value | 1,063,959 | |
Available-for-sale securities, greater than 12 months, unrealized loss | (72,400) | |
Available-for-sale securities, fair value | 2,124,659 | |
Available-for-sale securities, unrealized loss | $ (136,476) |
Note 4 - Fair Value Measureme38
Note 4 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available for sale securities | $ 33,609,215 | $ 15,463,578 |
Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 33,609,215 | 15,463,578 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 10,914,265 | 5,442,666 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 22,494,950 | 10,020,912 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 200,000 | |
Fixed Maturities [Member] | ||
Available for sale securities | 22,945,700 | 10,320,074 |
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 22,945,700 | 10,320,074 |
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 250,750 | 299,162 |
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 22,494,950 | 10,020,912 |
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 200,000 | |
Fixed Maturities [Member] | US Treasury Securities [Member] | ||
Available for sale securities | 250,750 | 299,162 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 250,750 | 299,162 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 250,750 | 299,162 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | ||
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | ||
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities | 12,156,225 | 3,845,896 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 12,156,225 | 3,845,896 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | ||
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 11,956,225 | 3,845,896 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 200,000 | |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | 6,352,444 | 2,849,829 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 6,352,444 | 2,849,829 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | ||
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 6,352,444 | 2,849,829 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | ||
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | ||
Available for sale securities | 100,520 | |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 100,520 | |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | ||
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 100,520 | |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | ||
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities | 4,085,761 | 3,325,187 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 4,085,761 | 3,325,187 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | ||
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 4,085,761 | 3,325,187 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | ||
Equity Securities [Member] | ||
Available for sale securities | 10,663,515 | 4,942,248 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 10,663,515 | 4,942,248 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 10,663,515 | 4,942,248 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | ||
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | ||
Other Equity Investments [Member] | ||
Available for sale securities | 201,256 | |
Other Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 201,256 | |
Other Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 201,256 | |
Other Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | ||
Other Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | ||
Equities, Including Equity Securities and Other Equity Investments [Member] | ||
Available for sale securities | $ 10,663,515 | 5,143,504 |
Equities, Including Equity Securities and Other Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | 5,143,504 | |
Equities, Including Equity Securities and Other Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 5,143,504 | |
Equities, Including Equity Securities and Other Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | ||
Equities, Including Equity Securities and Other Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities |
Note 4 - Fair Value Measureme39
Note 4 - Fair Value Measurements - Estimated Fair Values of the Company's Financial Assets and Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 651,809 | $ 3,145,745 |
Investment income due and accrued | 214,998 | 100,713 |
Policy loans | 33,975 | |
Investments, at fair value | 33,609,215 | 15,463,578 |
Total Financial Assets | 34,509,997 | 18,710,036 |
Policyholder deposits in deposit-type contracts | 13,448,891 | 3,398,170 |
Total Financial Liabilities | 13,448,891 | 3,398,170 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 651,809 | 3,145,745 |
Investment income due and accrued | 214,998 | 100,713 |
Policy loans | 33,975 | |
Investments, at fair value | 33,609,215 | 15,463,578 |
Total Financial Assets | 34,509,997 | 18,710,036 |
Policyholder deposits in deposit-type contracts | 12,508,470 | 3,260,086 |
Total Financial Liabilities | $ 12,508,470 | $ 3,260,086 |
Note 5 - Income Tax Provision (
Note 5 - Income Tax Provision (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Deferred Tax Assets, Valuation Allowance, Percentage | 100.00% | |
Operating Loss Carryforwards | $ 11,886,891 | $ 5,050,176 |
Note 6 - Reinsurance (Details T
Note 6 - Reinsurance (Details Textual) - USD ($) | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Assumed Premiums Earned | $ 7,826,619 | $ 3,500,758 | |
Deferred Policy Acquisition Costs, Deferred Cost of Reinsurance | $ 2,861,450 | ||
US Alliance Life and Security Company ("USALSC") [Member] | |||
Life Insurance Policies Assumed, Percent | 100.00% | ||
Assumed Premiums Earned | $ 3,854,902 | ||
Deferred Policy Acquisition Costs, Deferred Cost of Reinsurance | $ 2,861,450 |
Note 6 - Reinsurance - Summary
Note 6 - Reinsurance - Summary of Significant Reinsurance Amounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Benefits and claim reserves ceded | $ 55,075 | $ 28,830 |
Amounts due from ceding company | 194,804 | 2,560 |
Benefits and claim reserves assumed | 10,372,638 | |
Ceded premium | 221,027 | 144,023 |
Assumed premium | 7,826,619 | 3,500,758 |
Allowances on ceded premium | 10,441 | 10,644 |
Allowances paid on assumed premium | 2,238,386 | 384,558 |
Assumed benefits and policyholder reserve increases | $ 7,207,979 | $ 3,056,547 |
Note 7 - Lease Commitments (Det
Note 7 - Lease Commitments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense, Net | $ 31,712 | $ 27,000 |
Topeka Headquarters [Member] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 27,000 | |
Office in Bismarck, ND [Member] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 8,532 |
Note 8 - Warrants (Details Text
Note 8 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2014 | Feb. 24, 2013 | |
Equity Unit, Original Price Per Unit at Issuance | $ 1,000 | |||
Equity Unit, Number of Shares of Common Stock in Each Unit | 200 | |||
Equity Unit, Number of Common Stock Warrants in Each Unit | 200 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,532,400 | |||
Stock Issued During Period, Shares, Warrants Exercised | 372,003 | |||
Class of Warrant or Right, Outstanding | 0 | |||
Class of Warrant or Right, Value Per Share of Common Stock | $ 0.01 | |||
Warrants and Rights Outstanding | $ 0 |
Note 9 - Restricted Funds (Deta
Note 9 - Restricted Funds (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets Held-in-trust | $ 625,000 | $ 625,000 |
State of Missouri [Member] | ||
Deposit Assets | 300,000 | |
Minimum [Member] | ||
Assets Held-in-trust | $ 400,000 |
Note 10 - Statutory Net Incom46
Note 10 - Statutory Net Income and Surplus - Statutory Accounting Practices Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
KANSAS | ||
Statutory Capital and Surplus | $ 4,186,381 | $ 2,812,254 |
Statutory Net Loss | (1,727,462) | (868,744) |
NORTH DAKOTA | ||
Statutory Capital and Surplus | 1,337,081 | 1,158,886 |
Statutory Net Loss | $ (129,989) | $ (462,517) |