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Royalties, Dividends, and Affiliations | 6 Months Ended
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Jun. 30, 2024
Royalties, Dividends, and Affiliations [Abstract] |
Royalties, Dividends, and Affiliations | 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 $480 and $442 during the three months ended June 30, 2024 and 2023, respectively, and $883 and $799 for the six months ended June 30, 2024 and 2023, respectively. Royalty amounts payable of $175 and $131 were accrued as a liability to the NDFB at June 30, 2024, and December 31, 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, 2023, exceeded the amount of statutory capital and surplus necessary to satisfy risk-based capital requirements by a significant margin. For information regarding the availability of subsidiaries to pay dividends to NI Holdings during 2024, see Item II, Part 8, Note 12 “Related Party Transactions” section of the 2023 Annual Report. Battle Creek Prior to January 2, 2024, we consolidated the financial statements of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek was reflected as a non-controlling interest in shareholders’ equity in our Consolidated Balance Sheets. Subsequent to January 2, 2024, Battle Creek is fully consolidated in our Consolidated Balance Sheets. The following table discloses the standalone balance sheet of Battle Creek, prior to intercompany eliminations, to illustrate the impact of including Battle Creek in our December 31, 2023, Consolidated Balance Sheet prior to demutualization:
|  | December 31, 2023 |
Assets: |  |  |  |
Cash and cash equivalents |  | $ | 2,621 |
Investments |  |  | 15,394 |
Premiums and agents’ balances receivable |  |  | 5,953 |
Deferred policy acquisition costs |  |  | 682 |
Reinsurance recoverables on losses (2) |  |  | 6,918 |
Accrued investment income |  |  | 85 |
Income tax recoverable |  |  | 225 |
Deferred income taxes |  |  | 706 |
Property and equipment |  |  | 306 |
Other assets |  |  | 97 |
Total assets |  | $ | 32,987 |
Liabilities: |  |  |  |
Unpaid losses and loss adjustment expenses |  | $ | 4,276 |
Unearned premiums |  |  | 3,269 |
Notes payable (1) |  |  | 3,000 |
Pooling payable (1) |  |  | 5,932 |
Reinsurance losses payable (2) |  |  | 13,275 |
Accrued expenses and other liabilities |  |  | 477 |
Total liabilities |  |  | 30,229 |
Equity: |  |  |  |
Non-controlling interest |  |  | 2,758 |
Total equity |  |  | 2,758 |
Total liabilities and equity |  | $ | 32,987 |
(1) Amount fully eliminated in consolidation. (2) Amount partly eliminated in consolidation.

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- Definition The entire disclosure for a banking or savings institution's compliance during the year with (a) federal and state laws and regulations relative to dividend restrictions and (b) federal laws and regulations relative to insider loans. + References No definition available. + Details
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