Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1222

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 3
Chunk 1222
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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, Nodak Insurance 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.

84 

Battle Creek

Prior to January 2, 2024, we consolidated the financial statements
of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek was reflected as a non-controlling interest in
shareholders’ equity in our Consolidated Balance Sheets. Subsequent to January 2, 2024, Battle Creek is fully consolidated in our
Consolidated Balance Sheets. The following table discloses the standalone balance sheet of Battle Creek, prior to intercompany eliminations,
to illustrate the impact of including Battle Creek in our December 31, 2023, Consolidated Balance Sheet prior to demutualization:

    December 31, 2023 
  
    Assets: 

    Cash and cash equivalents 
    $2,621 
  
    Investments 
     15,394 
  
    Premiums and agents’ balances receivable 
     5,953 
  
    Deferred policy acquisition costs 
     682 
  
    Reinsurance recoverables on losses (2) 
     6,918 
  
    Accrued investment income 
     85 
  
    Income tax recoverable 
     225 
  
    Deferred income taxes 
     706