9 unchanged sentences
Changes in Internal Controls
+Added: In the ordinary course of business, we periodically review our system of internal control over financial reporting to identify opportunities to improve our controls and increase efficiency, while ensuring that we maintain an effective internal control environment.
+Added: In addition, when we acquire new businesses, we incorporate our controls and procedures into the acquired business as part of our integration activities.
+Added: Since 2018, we have invested significant resources to comprehensively document and analyze our system of internal control over financial reporting.
+Added: We have identified areas requiring improvement, and continue to make selected improvements to processes and controls to address issues identified through this review.
+Added: These improvements may include such activities as implementing new, more efficient systems, automating manual processes, formalizing policies and procedures, increasing monitoring controls, and updating existing systems.
+Added: We plan to continue this initiative as well as prepare for the first audit of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act of 2002 for the annual period ending December 31, 2022, which may result in changes to our internal control over financial reporting.
There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the year ended December 31, 2021, to which this report relates that have materially affected, or are reasonably likely to materially affect the Company’s internal control over financial reporting.
Other Information
+Added: On March 7, 2022, the Board of Directors of the Company appointed Seth Daggett as the Company's Principal Accounting Officer.
+Added: Daggett will replace Timothy Milius as the Company's Principal Accounting officer.
+Added: Daggett will continue to serve as the Company's Chief Financial Officer and Treasurer.
+Added: Milius will continue to serve as the Secretary of the Company.
+Added: Further information about Mr.
+Added: Daggett may be found in the Company's Proxy Statement and Form 8-K filed on November 13, 2020, as amended on March 4, 2021.
+Added: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
+Added: Not applicable.
Directors, Executive Officers and Corporate Governance
33 unchanged sentences
Alexander and Nodak Mutual Insurance Company and NI Holdings, Inc.
−Removed: 10.4# Employment Agreement dated as of April 28, 2016, between Brian R.
−Removed: Doom and Nodak Mutual Insurance Company and NI Holdings, Inc.
10.5# Employment Agreement dated as of April 28, 2016, between Patrick W.
10 unchanged sentences
10.12 Form of Time-Based Restricted Stock Unit Agreement for Non-Employee Directors (7)
+Added: 10.13 NI Holdings, Inc.
+Added: 2020 Stock and Incentive Plan (7)
+Added: 10.14* Form of Time-Based Restricted Stock Unit Agreement for Executives
+Added: 10.15* Form of NI Holdings, Inc.
+Added: Growth in Book Value Per Share Performance Share Unit Agreement
21.1* Subsidiaries of NI Holdings, Inc.
−Removed: 23.1* Consent of Mazars USA LLP
+Added: 23.1* Consent of Mazars USA LLP, Fort Washington, PA, PCAOB 339
31.1* Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
24 unchanged sentences
001-37973) filed with the SEC on March 2, 2020, and incorporated herein by reference.
−Removed: (5) Filed as Exhibit 10.1 to the Company’s Form 8-K (File No.001-37973) filed with the SEC on September 18, 2017, and incorporated herein by reference.
(5) Filed as Exhibit 10.1 to the Company’s Form 8-K (File No.
−Removed: 001-37973) filed with the SEC on April 22, 2020, and incorporated herein by reference.
+Added: 001-37973) filed with the SEC on September 18, 2017, and incorporated herein by reference.
(6) Filed as Exhibit 3.1 to the Company’s Form 8-K (File No.
+Added: 001-37973) filed with the SEC on April 22, 2020, and incorporated herein by reference.
+Added: (7) Filed as an Exhibit to the Company’s Form 8-K (File No.
001-37973) filed with the SEC on May 29, 2020, and incorporated herein by reference.
+Added: (8) Filed as an Exhibit to the Company’s Form 10-K (File No.
+Added: 001-37973) filed with the SEC on March 10, 2021, and incorporated herein by reference.
Form 10-K Summary
2 unchanged sentences
NI Holdings, Inc.
−Removed: NI Holdings, Inc.
−Removed: was formed on March 13, 2017.
−Removed: The following condensed financial information begins with that date.
Condensed Balance Sheets
3 unchanged sentences
Total cash and investments
−Removed: Income tax recoverables
+Added: Income tax recoverable
Accrued investment income
Investment in wholly-owned subsidiaries
−Removed: Deferred income tax asset, net
+Added: Deferred income taxes
Westminster consideration payable
Accrued expenses and other liabilities
−Removed: Federal income tax payable
−Removed: Commitments and contingencies
Total liabilities
+Added: Commitments and contingencies
Shareholders’
18 unchanged sentences
Unrealized gain (loss) on investments
−Removed: Unrealized gain (loss) on subsidiaries
+Added: Unrealized gain (loss) attributed to subsidiaries
Other comprehensive income (loss), net of income taxes
5 unchanged sentences
Equity in undistributed net income of subsidiaries
−Removed: Gain on acquisition of Direct Auto Insurance Company
Net adjustments
1 unchanged sentence
Cash flows from investing activities:
−Removed: Net sale of fixed income and equity securities
−Removed: Acquisition of Direct Auto Insurance Company
+Added: Proceeds from maturities and sales of fixed income securities
+Added: Proceeds from sales of equity securities
+Added: Purchases of fixed income securities
+Added: Purchases of equity securities
Acquisition of Westminster American Insurance Company
3 unchanged sentences
Purchase of treasury stock
+Added: Installment payment on Westminster consideration payable
Issuance of restricted stock awards
20 unchanged sentences
March 9, 2022
−Removed: Chief Financial Officer ( Principal Financial and Accounting Officer )
+Added: Chief Financial Officer ( Principal Financial Officer and Principal Accounting Officer )
March 9, 2022
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.