Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 16

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 is permitted. The Company
is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, "Intangibles
- Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." 
This guidance modernizes the accounting for internal-use software under ASC 350-40 to adapt to different development practices,
especially agile and iterative methods. The updated guidance requires that an entity capitalize software costs when both: 1) management
has authorized and committed to the funding of the software project, and 2) it is probable that the project will be completed, and the
software will be used to perform its intended function. This update is effective for interim and annual periods beginning after December
15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on the consolidated
financial statements. 

11 

3.       Investments

The amortized cost and estimated fair value of fixed income
securities, presented on a consolidated basis as of September 30, 2025, and December 31, 2024, were as follows:

    September 30, 2025 

    Cost or 
Amortized
 Cost  
    Allowance for 
Expected 
Credit Losses  
    Gross 
Unrealized 
Gains  
    Gross 
Unrealized 
Losses  
    Fair Value 
  
    Fixed income securities: 

    U.S. Government and agencies 
    $12,110  
    $—  
    $154  
    $(117) 
    $12,147 
  
    Obligations of states and political subdivisions 
     50,748  
     —  
     118  
     (5,081) 
     45,785 
  
    Corporate securities 
     131,879  
     —  
     1,459  
     (3,955) 
     129,383 
  
    Residential mortgage-backed securities 
     74,906  
     —  
     543  
     (5,363) 
     70,086 
  
    Commercial mortgage-backed securities 
     30,708  
     —