Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1252

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 3
Chunk 1252
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 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.

101 

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, each insurance company 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.

102 

  Item 9.
  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

There have been no changes or disagreements with
accountants on accounting and financial disclosure.

Item 9A.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s Chief Executive Officer and
Chief Financial Officer have reviewed and evaluated the effectiveness of the Company’s disclosure controls and procedures (“DCPs”),
as required by Rules 13a-15(b) and 15d-15(b) under the Exchange Act, as of December 31, 2024. Based on that evaluation, the Chief Executive
Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures, as of the end of the period
covered by this report, were designed and functioning effectively to provide reasonable assurance that the information required to be
disclosed in our periodic reports filed under the Exchange Act is recorded, processed, summarized, and reported within the time periods
specified in the SEC’s rules