U-Haul 2007 Annual Report Download - page 107

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Note 20: Statutory Financial Information of Insurance Subsidiaries
Applicable laws and regulations of the State of Arizona require RepWest and Oxford to maintain minimum capital and
surplus determined in accordance with statutory accounting principles. Audited statutory net income (loss) and statutory
capital and surplus for the years-ended are listed below:
2006 2005 2004
RepWest:
Audited statutory net income (loss) $ 8,980 $ 1,825 $ (5,262)
Audited statutory capital and surplus 101,236 89,824 64,789
NAFCIC:
Audited statutory net income (loss) 517 (82) (494)
Audited statutory capital and surplus 4,512 3,681 3,759
Oxford:
Audited statutory net income 14,869 10,237 10,736
Audited statutory capital and surplus 112,998 101,466 83,396
CFLIC:
Audited statutory net income 2,652 1,470 2,410
Audited statutory capital and surplus 21,040 22,455 20,981
NAI:
Audited statutory net income 6,198 3,076 1,718
Audited statutory capital and surplus 17,432 16,150 14,442
DGLIC*:
Audited statutory net loss (700) - -
Audited statutory capital and surplus 4,354 - -
* Acquired by CFLIC February 28, 2006.
Year Ended December 31,
(In thousands)
The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is
limited. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Oxford at
December 31, 2006 that could be distributed as ordinary dividends was $11.0 million. RepWest paid $27.0 million in non-
cash dividends to its parent during 2005; payment was effected by a reduction in intercompany accounts. The statutory
surplus for RepWest at December 31, 2006 that could be distributed as ordinary dividends was $10.1 million.
On May 20, 2003, RepWest consented to an Order for Supervision issued by the State of Arizona Department of
Insurance (“DOI”). The DOI determined that RepWest’ s level of risk based capital (“RBC”) allowed for regulatory control.
Pursuant to this order and Arizona law, during the period of supervision, RepWest could not engage in certain activities
without the prior approval of the DOI. The order was abated on June 9, 2005.
F-42