Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 38

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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628. See the
Part II, Item 8, Note 10 “Goodwill and Other Intangibles” section of the 2024 Annual Report for additional information.

Other Intangible Assets

The gross and net carrying value of the
Company’s other intangible assets were $100 at September 30, 2025, and December 31, 2024, and consist of the state insurance license
for Direct Auto, which has an indefinite life.

We determined during our reviews that the
other indefinite-lived intangible assets were not impaired as of September 30, 2025, or December 31, 2024.

Amortization expense was $0 for the three months ended September
30, 2025 and 2024, respectively, and $0 and $211 for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense
for continuing operations was $0 for the three months ended September 30, 2025 and 2024, and $0 for the nine months ended September 30,
2025 and 2024.

23 

10.       Royalties,
Dividends, and Affiliations

North Dakota Farm Bureau

Nodak Insurance was organized by the North Dakota Farm Bureau
(“NDFB”) to provide insurance protection for its members. We have a royalty agreement with the NDFB that recognizes the use
of their trademark and provides royalties to the NDFB based on the premiums written on Nodak Insurance’s policies. Royalties paid
to the NDFB were $420 and $468 during the three months ended September 30, 2025 and 2024, respectively, and $1,382 and $1,351 for the
nine months ended September 30, 2025 and 2024, respectively. Royalty amounts payable of $0 and $146 were accrued as a liability to the
NDFB at September 30, 2025, and December 31, 2024, respectively.

Dividends

State insurance laws require our insurance subsidiaries to maintain
certain minimum capital and surplus amounts on a statutory basis. Our insurance subsidiaries are subject to regulations that restrict
the payment of dividends from statutory surplus and may require prior approval from their domiciliary insurance regulatory authorities.
Our insurance subsidiaries are also subject to risk-based capital requirements that may further affect their ability to pay dividends.
Our insurance subsidiaries statutory capital and surplus at December