XML 11 R1.htm IDEA: XBRL DOCUMENT
v3.24.3

Cover - shares | 6 Months Ended |
--- | --- | ---
Jun. 30, 2024 | Jul. 31, 2024
Document Information [Line Items] |  |
Document Type | 10-Q/A |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Interactive Data Current | Yes |
Amendment Flag | true |
Amendment Description | NI Holdings, Inc. (“NI Holdings”, the “Company”, “we”, “us”, and “our”) is filing this Amendment No. 1 to our Quarterly Report on Form 10-Q/A (“Form 10-Q/A” or “Amended Second Quarter 2024 Quarterly Report”) to amend certain information included in the Company's Quarterly Report on Form 10-Q for the three- and six-month periods ended June 30, 2024, which was filed with the Securities and Exchange Commission (the “SEC”) on August 8, 2024 (the “Original Second Quarter 2024 Quarterly Report”). This Amendment No. 1 is filed to (i) restate the Company’s financial statements as of and for the periods ended June 30, 2024, which should no longer be relied upon; and (ii) describe the restatement and its impact on previously reported amounts.As previously announced in the Company's Current Report on Form 8-K filed with the SEC on October 28, 2024, subsequent to the issuance of the Company's Original Second Quarter 2024 Quarterly Report, the Company identified prior period accounting errors resulting from the incorrect accounting for, and presentation of, the previously announced sale of the Company’s subsidiary, Westminster American Insurance Company (“Westminster”). Additionally, on October 25, 2024, the Audit Committee of the Board of Directors (the “Audit Committee”) of NI Holdings determined, upon the recommendation of Company management, and after consultation with the Company’s independent registered public accounting firm, that the Company’s Original Second Quarter 2024 Quarterly Report and any earnings releases or other communications relating to this period should no longer be relied upon. Management and the Audit Committee determined that the identified errors, described further below, were material and required a restatement of the Original Second Quarter 2024 Quarterly Report within this Form 10-Q/A.Background of RestatementThe Company completed the sale of Westminster on June 30, 2024. Prior to the sale, Westminster was a member of the intercompany reinsurance pooling arrangement (the “pool”) that includes each of the Company’s insurance subsidiaries, the effects of which are eliminated during consolidation for financial reporting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Given that the deal closed on the last day of the quarter, the Company received regulatory approval for Westminster to remain in the pool for purposes of statutory reporting as of and for the period ended June 30, 2024, and removed from the pool during the subsequent quarter. However, for GAAP reporting purposes, Westminster was deemed to have been sold as of the end of the second quarter, and the loss on the sale was determined by offsetting the proceeds with Westminster’s net assets and liabilities.During the preparation of the Company’s consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2024, the Company identified that we unintentionally failed to record approximately $3.4 million of receivables on Westminster’s closing balance sheet as well as the corresponding payable for Nodak Insurance Company (“Nodak”), a subsidiary of the Company, for amounts owed to Westminster related to the final settlement of the pool once Westminster was no longer a member. Rather than including such balances in the Company’s consolidated financial statements, these receivables/payables were eliminated for GAAP purposes as though they were still intercompany receivables/payables, similar to active pool members, prior to determining the loss on the sale of Westminster. Failure to include these receivables in Westminster’s closing net assets and liabilities caused an approximately $3.4 million understatement of the loss on sale of discontinued operations, which also understated the Company’s total net loss by the same $3.4 million, or $0.17 and $0.16 per basic and diluted share for the three- and six-month periods ended June 30, 2024, respectively. There was no impact to our income tax expense/benefit or the tax benefit associated with the loss on sale as a result of this restatement.Control ConsiderationsManagement concluded that the Company’s internal control over financial reporting ("ICFR") and disclosure controls and procedures ("DCPs") were not effective as of June 30, 2024, due to a material weakness in ICFR. The Company did not design and maintain effective controls over its accounting for intercompany reinsurance pooling activity. Specifically, it lacked an effectively designed internal control related to the evaluation of pooling payable/receivable balances, including when a pool member is sold. See Part 1, Item 4 “Controls and Procedures” for additional information. |
Document Period End Date | Jun. 30, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Entity Information [Line Items] |  |
Entity Registrant Name | NI HOLDINGS, INC. |
Entity Central Index Key | 0001681206 |
Entity File Number | 001-37973 |
Entity Tax Identification Number | 81-2683619 |
Entity Incorporation, State or Country Code | ND |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Contact Personnel [Line Items] |  |
Entity Address, Address Line One | 1101 First Avenue North |
Entity Address, City or Town | Fargo |
Entity Address, State or Province | ND |
Entity Address, Postal Zip Code | 58102 |
Entity Phone Fax Numbers [Line Items] |  |
City Area Code | (701) |
Local Phone Number | 298-4200 |
Entity Listings [Line Items] |  |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | NODK |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding |  | 20,648,642

X
- Definition Description of changes contained within amended document. + References No definition available. + Details
Name: | dei_AmendmentDescription
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Boolean flag that is true when the XBRL content amends previously-filed or accepted submission. + References No definition available. + Details
Name: | dei_AmendmentFlag
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition Area code of city + References No definition available. + Details
Name: | dei_CityAreaCode
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition End date of current fiscal year in the format --MM-DD. + References No definition available. + Details
Name: | dei_CurrentFiscalYearEndDate
Namespace Prefix: | dei_
Data Type: | xbrli:gMonthDayItemType
Balance Type: | na
Period Type: | duration

X
- Definition Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY. + References No definition available. + Details
Name: | dei_DocumentFiscalPeriodFocus
Namespace Prefix: | dei_
Data Type: | dei:fiscalPeriodItemType
Balance Type: | na
Period Type: | duration

X
- Definition This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. + References No definition available. + Details
Name: | dei_DocumentFiscalYearFocus
Namespace Prefix: | dei_
Data Type: | xbrli:gYearItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | dei_DocumentInformationLineItems
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD. + References No definition available. + Details
Name: | dei_DocumentPeriodEndDate
Namespace Prefix: | dei_
Data Type: | xbrli:dateItemType
Balance Type: | na
Period Type: | duration

X
- Definition Boolean flag that is true only for a form used as an quarterly report. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form 10-Q -Number 240 -Section 308 -Subsection a + Details
Name: | dei_DocumentQuarterlyReport
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition Boolean flag that is true only for a form used as a transition report. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Forms 10-K, 10-Q, 20-F -Number 240 -Section 13 -Subsection a-1 + Details
Name: | dei_DocumentTransitionReport
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. + References No definition available. + Details
Name: | dei_DocumentType
Namespace Prefix: | dei_
Data Type: | dei:submissionTypeItemType
Balance Type: | na
Period Type: | duration

X
- Definition Address Line 1 such as Attn, Building Name, Street Name + References No definition available. + Details
Name: | dei_EntityAddressAddressLine1
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Name of the City or Town + References No definition available. + Details
Name: | dei_EntityAddressCityOrTown
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Code for the postal or zip code + References No definition available. + Details
Name: | dei_EntityAddressPostalZipCode
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Name of the state or province. + References No definition available. + Details
Name: | dei_EntityAddressStateOrProvince
Namespace Prefix: | dei_
Data Type: | dei:stateOrProvinceItemType
Balance Type: | na
Period Type: | duration

X
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityCentralIndexKey
Namespace Prefix: | dei_
Data Type: | dei:centralIndexKeyItemType
Balance Type: | na
Period Type: | duration

X
- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. + References No definition available. + Details
Name: | dei_EntityCommonStockSharesOutstanding
Namespace Prefix: | dei_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | instant

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | dei_EntityContactPersonnelLineItems
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. + References No definition available. + Details
Name: | dei_EntityCurrentReportingStatus
Namespace Prefix: | dei_
Data Type: | dei:yesNoItemType
Balance Type: | na
Period Type: | duration

X
- Definition Indicate if registrant meets the emerging growth company criteria. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityEmergingGrowthCompany
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen. + References No definition available. + Details
Name: | dei_EntityFileNumber
Namespace Prefix: | dei_
Data Type: | dei:fileNumberItemType
Balance Type: | na
Period Type: | duration

X
- Definition Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityFilerCategory
Namespace Prefix: | dei_
Data Type: | dei:filerCategoryItemType
Balance Type: | na
Period Type: | duration

X
- Definition Two-character EDGAR code representing the state or country of incorporation. + References No definition available. + Details
Name: | dei_EntityIncorporationStateCountryCode
Namespace Prefix: | dei_
Data Type: | dei:edgarStateCountryItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | dei_EntityInformationLineItems
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-T -Number 232 -Section 405 + Details
Name: | dei_EntityInteractiveDataCurrent
Namespace Prefix: | dei_
Data Type: | dei:yesNoItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | dei_EntityListingsLineItems
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | dei_EntityPhoneFaxNumbersLineItems
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityRegistrantName
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityShellCompany
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition Indicates that the company is a Smaller Reporting Company (SRC). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntitySmallBusiness
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityTaxIdentificationNumber
Namespace Prefix: | dei_
Data Type: | dei:employerIdItemType
Balance Type: | na
Period Type: | duration

X
- Definition Local phone number for entity. + References No definition available. + Details
Name: | dei_LocalPhoneNumber
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Title of a 12(b) registered security. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b + Details
Name: | dei_Security12bTitle
Namespace Prefix: | dei_
Data Type: | dei:securityTitleItemType
Balance Type: | na
Period Type: | duration

X
- Definition Name of the Exchange on which a security is registered. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1 + Details
Name: | dei_SecurityExchangeName
Namespace Prefix: | dei_
Data Type: | dei:edgarExchangeCodeItemType
Balance Type: | na
Period Type: | duration

X
- Definition Trading symbol of an instrument as listed on an exchange. + References No definition available. + Details
Name: | dei_TradingSymbol
Namespace Prefix: | dei_
Data Type: | dei:tradingSymbolItemType
Balance Type: | na
Period Type: | duration