Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 300

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1A
Chunk 300
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 $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.

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.

Contractual Obligations

The primary contractual obligations of the Company
include gross loss and loss adjustment expenses payments as well as operating and finance lease obligations.

The Company’s unpaid losses and loss adjustment
expenses were $137,288 as of December 31, 2024. Historical payment experience indicates that approximately 46% of this amount will be
paid during 2025 and another 37% will be paid over the subsequent two years. The actual timing and amounts of these payments in the future
may vary.

Recent Accounting Pronouncements

For a discussion of recent accounting pronouncements,
see Part II, Item 8, Note 2 “Recent Accounting Pronouncements.”

43 

Item 7A.Quantitative and Qualitative Disclosures About Market Risk

Market
Risk

Market risk is the risk that a company will incur
losses due to adverse