Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 140

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 140
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 continuing operations was $0, $33, and
$50 during the years ended December 31, 2024, 2023, and 2022, respectively.

11.       Royalties,
Dividends, and Affiliations

North Dakota Farm Bureau

Nodak Insurance was organized by the NDFB
to provide insurance protection for its members. We have a royalty agreement with the NDFB that recognizes the use of their trademark
and provides royalties to the NDFB based on the premiums written on Nodak Insurance’s policies. Royalties paid to the NDFB were
$1,647, $1,603, and $1,453 during the years ended December 31, 2024, 2023, and 2022, respectively. Royalty amounts payable of $146 and
$131 were accrued as a liability to the NDFB at December 31, 2024 and 2023, respectively.

Dividends

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, exceeded
the amount of statutory capital and surplus necessary to satisfy risk-based capital requirements by a significant margin.

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.

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