Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 21

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 21
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 of certain material transactions between NI Holdings and
any person or entity in our holding company system will be required to be given to the Department of Insurance of the applicable domiciliary
state. Certain transactions cannot be completed without the prior approval of the various Departments of Insurance.

Approval of the state insurance commissioner is
required prior to any transaction affecting the control of an insurer domiciled in that state. In North Dakota, the acquisition of 10%
or more of the outstanding voting securities of an insurer or its holding company is presumed to be a change in control. North Dakota
law also prohibits any person or entity from (i) making a tender offer for, or a request or invitation for tenders of, or seeking to acquire
or acquiring any voting security of a North Dakota insurer if, after the acquisition, the person or entity would be in control of the
insurer, or (ii) effecting or attempting to effect an acquisition of control of or merger with a North Dakota insurer, unless the offer,
request, invitation, acquisition, effectuation, or attempt has received the prior approval of the North Dakota Insurance Department.

Human Capital

Our key human capital management objectives are
to attract, retain, and develop talent to deliver on the Company’s strategy. To support these objectives, our human resources programs
are designed to recruit and retain talented individuals; provide training and development within the Company and the insurance industry;
reward and support employees through competitive pay and benefit programs; keep employees safe and healthy; and provide opportunities
for community involvement.

We offer comprehensive compensation and benefits
packages to our employees including a 401(k) Plan, Employee Stock Ownership Plan (“ESOP”), healthcare and insurance benefits,
health savings and flexible spending accounts, paid time off, and flexible work arrangements. We also offer stock-based compensation to
certain management personnel as a way to attract and retain key talent. For additional information, see Part II, Item 8, Note 12 “Benefit
Plans” and Note 18 “Share-Based Compensation” for further discussion of our benefit plans and stock-based compensation.

As of December 31, 2024, NI Holdings and its subsidiaries
had 216 total employees, of which 202 were full-time employees. Employee turnover averaged 29.0% during 2024, compared to 22.7% during
2023, and 25.2% during 2022. A significant portion of this turnover is related to Direct Auto, which generally experiences higher turnover.

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Item 1