Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 485

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 485
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 may pay to
us. For information regarding the regulatory restrictions on dividends our insurance subsidiaries can pay, refer to Part II, Item 7, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” “Liquidity and Capital Resources,” and Part
II, Item 8, Note 22 “Statutory Net Income (Loss), Capital and Surplus, and Dividend Restrictions.”

Even if we receive dividends from Nodak Insurance
or Direct Auto, we may not declare any dividends to our shareholders due to working capital requirements. We are not subject to regulatory
restrictions on the payment of dividends to shareholders, but we are subject to the requirements of the North Dakota Business Corporation
Act. This law generally permits dividends or distributions to be paid, to the extent we still have the ability to pay our debts in the
ordinary course of business after making the dividend or distribution payments. This law requires our total assets to exceed our total
liabilities plus the amount that would be needed to satisfy the preferential rights upon dissolution of holders of stock with senior liquidation
rights if we were to be dissolved at the time the dividend or distribution is paid.

Unregistered Securities

The Company has not sold any unregistered securities
within the past three years.

26 

Issuer Stock Purchases

The Company had no common shares outstanding prior
to March 13, 2017.

On August 11, 2021, our Board of Directors approved
an authorization for the repurchase of up to approximately $5,000 of the Company’s outstanding common stock. During the year ended
December 31, 2021, we completed the repurchase of 81,095 shares of our common stock for $1,554 under this new authorization. During the
year ended December 31, 2022, we completed the repurchase of 214,937 shares of our common stock for $3,446 to close out this authorization.

On May 9, 2022, our Board of Directors approved
an authorization for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. During the year ended
December 31, 2022, we completed the repurchase of 54,223 shares of our common stock for $734 under this authorization. During the year
ended December 31, 2023, we repurchased an additional 548,549 shares of our common stock for $7,278, including the effect from applicable
excise taxes.