Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 37

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 II, Item 8, Note 10 “Goodwill and Other Intangibles” section of the 2024 Annual Report for additional information.

Other Intangible Assets

The gross and net carrying value of the
Company’s other intangible assets were $100 at June 30, 2025, and December 31, 2024, and consist of the state insurance license
for Direct Auto, which has an indefinite life.

We determined during our reviews that the
other indefinite-lived intangible assets were not impaired as of June 30, 2025, or December 31, 2024.

Amortization expense was $0 and $105 for the three months
ended June 30, 2025 and 2024, respectively, and $0 and $211 for the six months ended June 30, 2025 and 2024, respectively. Amortization
expense for continuing operations was $0 for the three months ended June 30, 2025 and 2024, and $0 for the six months ended June 30, 2025
and 2024.

23 

  10.  
  Royalties, Dividends, and Affiliations

North Dakota Farm Bureau

Nodak Insurance was organized by the North Dakota Farm Bureau (“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
$522 and $480 during the three months ended June 30, 2025 and 2024, respectively, and $962 and $883 for the six months ended June 30,
2025 and 2024, respectively. Royalty amounts payable of $191 and $146 were accrued as a liability to the NDFB at June 30, 2025, and December
31, 2024, 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,