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November 2022
October 2022
Cover - USD ($) | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 | May 31, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | UNICO AMERICAN CORPORATION | ||
Entity Central Index Key | 0000100716 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-20 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | No | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Common Stock Shares Outstanding | 5,304,863 | ||
Entity Public Float | $ 13,916,355 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-03978 | ||
Entity Incorporation State Country Code | NV | ||
Entity Tax Identification Number | 95-2583928 | ||
Entity Address Address Line 1 | 5230 Las Virgenes Road | ||
Entity Address City Or Town | Calabasas | ||
Entity Address State Or Province | CA | ||
Entity Address Postal Zip Code | 91302 | ||
City Area Code | 818 | ||
Icfr Auditor Attestation Flag | false | ||
Auditor Location | Hartford, CT | ||
Auditor Firm Id | 688 | ||
Local Phone Number | 591‑9800 | ||
Security 12b Title | Common Stock, No Par Value | ||
Trading Symbol | UNAM | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | No | ||
Auditor Name | Marcum LLP |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Unico American Corp.
Unico American Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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The changes in estimates of prior accident year incurred losses and loss adjustment expenses were due primarily to increases in IBNR reserves associated with the Apartments & Commercial Buildings and Transportation Business resulting from higher estimates for expected claims frequency, claims severity and ultimate incurred losses and loss adjustment expenses during the reevaluation of the loss and loss adjustment expense reserves.
The liability for unpaid losses and loss adjustment expenses is based upon the accumulation of individual case estimates for losses reported prior to the close of the accounting period plus estimates based on experience and industry data for development of case estimates and for unreported losses and loss adjustment expenses.
This reevaluation and the use of updated assumptions led to higher estimates for expected claims frequency, claims severity and ultimate incurred losses and loss adjustment expenses during the quarterly reevaluation of the loss and loss adjustment expense reserves as of December 31, 2020.
Salaries and employee benefits incurred and charged to operating expenses are as follows: The decrease in the total salaries and employee benefits incurred for the year ended December 31, 2021, compared to the year ended December 31, 2020, was due primarily to workforce reductions during 2021 and costs associated with a termination of an employment agreement with an executive during 2020.
Management believes the Company's current critical accounting policies comprise the following: 51 Table of Contents Losses and Loss Adjustment Expenses The preparation of the Company's consolidated financial statements requires estimation of certain liabilities, most significantly the liability for unpaid losses and loss adjustment expenses.
The following table sets forth...Read more
The CA DOI may accept...Read more
The Company repurchased its shares...Read more
A tabular presentation of Crusader's...Read more
USIC was permitted to request...Read more
Estimates are based on a...Read more
On August 10, 2020, the...Read more
The 2020 Program was effective...Read more
The increase in the ultimate...Read more
The increase in total revenues...Read more
The decrease in salaries and...Read more
Gross written premium (direct and...Read more
Gross earned premium Gross earned...Read more
On March 24, 2021 Crusader...Read more
From June 2021, the facultative...Read more
The increase in other operating...Read more
This decrease in net investment...Read more
Loss and loss adjustment expenses...Read more
The CA DOI found the...Read more
On July 2, 2021, the...Read more
Effective January 2022, the Company...Read more
If the claims costs that...Read more
If the claims costs that...Read more
Ceded earned premium Ceded earned...Read more
The Special Examiner has recently...Read more
The Special Examiner has recently...Read more
Management believes that the aggregate...Read more
The increase in the ceded...Read more
Under the Company's investment guidelines,...Read more
Estimates are based on a...Read more
The increase in other operating...Read more
Effective September 30, 2021, Crusader...Read more
The differences between actual and...Read more
These estimates are based upon...Read more
As a result of the...Read more
The following tables provide the...Read more
In 2021, approximately 26% and...Read more
In 2020, approximately 30% and...Read more
As a result of Crusader...Read more
The variability of Crusader's losses...Read more
Crusader's loss and loss adjustment...Read more
This fluctuation in commissions to...Read more
The action further alleges that...Read more
These reinsurance treaties help protect...Read more
The decrease in other income...Read more
The 2020 increases in IBNR...Read more
The Company started depreciating the...Read more
AAQHC is a third party...Read more
As a result of the...Read more
Other Operating Expenses Other operating...Read more
In light of the net...Read more
In light of the net...Read more
Effective August 2, 2021, the...Read more
48 Table of Contents The...Read more
Additionally, Unico may have to...Read more
These charges and fees earned...Read more
Termination of Reinsurance Arrangement On...Read more
On September 24, 2021, A.M....Read more
The ultimate cost of claims...Read more
After the Plans are submitted,...Read more
As of December 31, 2021,...Read more
There is an $8,083,643 difference...Read more
Crusader sets loss and loss...Read more
The Company may incur additional...Read more
Net amount charged to operating...Read more
This reevaluation resulted in a...Read more
However, if the claims costs...Read more
Brokerage fee income for the...Read more
As a result of the...Read more
Policy acquisition costs and the...Read more
Additionally, on December 16, 2021,...Read more
(2) Expense ratio is defined...Read more
The Company annually reevaluates its...Read more
To address its liquidity concerns...Read more
No action was taken by...Read more
Crusader submitted its 2022 RBC...Read more
However, in light of the...Read more
The Supervision Agreement requires the...Read more
Finance charges and fees earned...Read more
32 Table of Contents Work...Read more
While the coronavirus pandemic is...Read more
However, if the claims costs...Read more
Like many companies in the...Read more
Like many companies in the...Read more
46 Table of Contents Losses...Read more
Management believes that its recorded...Read more
Policy acquisition costs consist of...Read more
Many other factors, including changes...Read more
Many other factors, including changes...Read more
The loss in 2021 is...Read more
The Company applies judgment in...Read more
This decrease in brokerage fee...Read more
Such changes might result from...Read more
The Company's subsidiaries Unifax Insurance...Read more
Actions to wind down operations...Read more
Membership and fee income for...Read more
Management believes that the aggregate...Read more
Insurance claims costs are inherently...Read more
Unico has a history of...Read more
The changes in estimates of...Read more
The increase in commission income...Read more
Depending on the scope and...Read more
Average yields on the Company's...Read more
37 Table of Contents Due...Read more
Crusader's obligations under the Reinsurance...Read more
For the year ended December...Read more
For the year ended December...Read more
The decrease in salaries and...Read more
The increase in revenues was...Read more
Income Tax Expense/Benefit Income tax...Read more
On August 31, 2021, as...Read more
Fluctuations in cash flows from...Read more
Total revenues for the year...Read more
There is not a precise...Read more
The decrease is a result...Read more
Total revenues for the year...Read more
34 Table of Contents Insurance...Read more
The Company recognized a gain...Read more
The RBC Level when coupled...Read more
As a result of the...Read more
There can be no assurances...Read more
The accompanying consolidated financial statements...Read more
The accompanying consolidated financial statements...Read more
Crusader's actuarially based loss and...Read more
Amortized costs of the short-term...Read more
In connection with its runoff,...Read more
Unico has a history of...Read more
The Company's net loss for...Read more
The decreases in loss before...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Unico American Corp provided additional information to their SEC Filing as exhibits
Ticker: UNAM
CIK: 100716
Form Type: 10-K Annual Report
Accession Number: 0001654954-22-009504
Submitted to the SEC: Mon Jul 11 2022 9:36:39 AM EST
Accepted by the SEC: Mon Jul 11 2022
Period: Friday, December 31, 2021
Industry: Fire Marine And Casualty Insurance