Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1040

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 1040
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the amount of statutory capital and surplus necessary to satisfy risk-based capital requirements by a significant margin.

Amounts available for distribution in 2025 to
Nodak Insurance as dividends from its insurance subsidiaries without prior approval of the North Dakota Insurance Department are $1,001
from American West, $324 from Primero, and $158 from Battle Creek. No dividends were paid to Nodak Insurance from any of these entities
during the years ended December 31, 2024, 2023, or 2022.

The amount available for payment of dividends from Nodak Insurance
to NI Holdings during 2025 without the prior approval of the North Dakota Insurance Department is approximately $8,273 as of December
31, 2024. No dividends were declared or paid by Nodak Insurance during the years ended December 31, 2024 and 2023. The Nodak Insurance
Board of Directors declared and paid dividends of $3,000 to NI Holdings during the year ended December 31, 2022.

101 

The amount available for payment of dividends from Direct Auto to
NI Holdings during 2025 without the prior approval of the North Dakota Insurance Department is approximately $3,146 as of December 31,
2024. No dividends were declared or paid by Direct Auto during the years ended December 31, 2024, 2023, or 2022.

Prior to its payment of any dividend, each insurance company will
be required to provide notice of the dividend to the North Dakota Insurance Department. This notice must be provided to the North Dakota
Insurance Department 30 days prior to the payment of an extraordinary dividend and 10 days prior to the payment of an ordinary dividend.
The North Dakota Insurance Department has the power to limit or prohibit dividend payments if an insurance company is in violation of
any law or regulation. These restrictions or any subsequently imposed restrictions may affect our future liquidity.

Westminster was sold on June 30, 2024, and therefore no dividends
are available to be paid to NI Holdings subsequent to that date. No dividends were declared or paid by Westminster during the years ended
December 31, 2024, 2023 or 2022. See Part II, Item 8, Note 20 “Discontinued Operations” for additional information.

102 

  Item 9.
  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

There have been no changes or disagreements with
accountants on