Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1793

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 6
Chunk 1793
---
Audit

We obtained an understanding, evaluated the design,
and tested the operating effectiveness of certain internal controls over the Company’s reserving process for losses and loss adjustment
expenses reserves.

To test the Company’s estimate of losses
and loss adjustment expenses reserves, our audit procedures included among others:

●With the assistance of the actuarial specialist,
we used the Company’s claims data and other inputs, to develop a range of independent estimates for the losses and loss expenses
reserves. We used these independent estimates to assess the reasonableness of the Company’s reserves by comparing our estimates
to the Company’s recorded losses and loss expenses reserves.

●We tested the underlying data that served as
the basis for the actuarial analysis, including historical claims data, to test the reasonableness of key inputs to the actuarial estimate.

/s/ Forvis Mazars, LLP  

PCAOB ID 686

We have served as the Company’s auditor since 2024.

New York, New York

March 7, 2025

47 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Board of Directors
and
Shareholders of NI Holdings, Inc.

Opinion on the Consolidated Financial Statements

We have audited,
before the effects of the adjustments to retrospectively apply the change in accounting for (a) discontinued operations described in Note
3 and Note 20, and (b) the adoption of ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
described in Note 21, the accompanying consolidated balance sheet of NI Holdings, Inc. and Subsidiaries (collectively, the “Company”)
as of December 31, 2023, and the related consolidated statements of operations, comprehensive income (loss), changes in shareholders’
equity, and cash flows for each of the years in the two-year period ended December 31, 2023, and the related notes and the schedule listed
in Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). The consolidated financial statements,
before the effects of the adjustments to retrospectively apply the change in accounting for (a) discontinued operations described in Note
3 and Note 20, and (b) the adoption of ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
described in Note 21,