Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 2279

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7A
Chunk 2279
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660 
  
    Statutory net income (loss) 
     162  
     146  
     (1,189)

    Direct Auto: 

    Statutory capital and surplus 
     36,875  
     32,843  
     32,054 
  
    Statutory unassigned surplus 
     33,875  
     29,843  
     29,054 
  
    Statutory net income (loss) 
     3,325  
     90  
     (6,074)

    Westminster: 

    Statutory capital and surplus 
     —  
     21,328  
     20,090 
  
    Statutory unassigned surplus 
     —  
     16,328  
     15,090 
  
    Statutory net income (loss) 
     —  
     1,200  
     (3,861)

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 31, 2024 and 2023 exceeded
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.

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