Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 60

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 Dakota Insurance Department is approximately $3,146 as of December 31, 2024.
No dividends were declared or paid by Direct Auto during the three months ended March 31, 2025, or the year ended December 31, 2024.

Prior to the payment of any dividend, we 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 year ended December
31, 2024. See Part I, Item 1, Note 19 “Discontinued Operations” of this Form 10-Q for additional information.

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Item 3. - Quantitative and Qualitative Disclosures
about Market Risk

The Company’s assessment of market risk as of March 31, 2025,
indicates there have been no material changes in the quantitative and qualitative disclosures from those in Part II, Item 7A, “Quantitative
and Qualitative Disclosures About Market Risk” in our 2024 Annual Report.

Item 4. - 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 (as required by Rules 13a-15(b)
and 15d-15(b) under the Exchange Act) as of the end of the period covered by this report. 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 rules and forms of the Securities and Exchange Commission (“SEC”), and that such material information is
accumulated and communicated to the Chief Executive Officer and Chief Financial Officer to allow