NOTES TO F I NANC I AL STATEMENTS Capital C Account in accordance with this Bye-Law 5.6, no further Policies will be issued until the Capital has been repaid to such Class C Member. The Company shall repay the Class C Member as soon as legally possible. • The Members, acting reasonably, may remove a Class B Member or Class C Member in accordance with this Bye- Law 5.7. Before a Class B Member or Class C Member is removed, the Members must consult with the relevant Class B Member or Class C Member, and allow that Member to cure the issue giving rise to its potential removal, within seventy (70) Business Days of written notice of such issue being given to that Member by the other Members. • The removal of a Class B Member or Class C Member requires a two-thirds affirmative vote of the Class A Members and two-thirds vote of the Class B Members and Class C Members voting together (excluding the Class B Member or Class C Member whose membership is under consideration). If the Members vote to remove a Class B Member or C Member from the Company membership, the relevant Class B Member will have the entire amount of its then-current Capital returned to it and the relevant Class C Member will have its initial Capital returned to it, within seventy (70) Business Days of the date of such vote.” At the date of approval of these financial statements, none of these criteria have been met that would trigger a redemption. 11. INSURANCE AND REINSURANCE CONTRACTS The breakdown of groups of insurance and reinsurance contracts issued, and reinsurance contracts held, that are in an asset position and those in a liability position is set out in the table below: 31 DECEMBER 2023 31 DECEMBER 2022 Figures in USD ASSETS LIABILITIES NET ASSETS LIABILITIES NET INSURANCE CONTRACTS ISSUED Drought – (12,522,694) (12,522,694) – (26,721,335) (26,721,335) Tropical cyclone – (2,889,672) (2,889,672) – (136,793) (136,793) NSB – (11,593,999) (11,593,999) – (20,752) (20,752) O&E – (503,576) (503,576) – (503,563) (503,563) Total insurance contracts issued – (27,509,941) (27,509,941) – (27,382,443) (27,382,443) REINSURANCE CONTRACTS HELD Drought 436,584 – 436,584 529,371 – 529,371 Tropical cyclone 57,811 – 57,811 – (354,775) (354,775) NSB 2,201,294 – 2,201,294 63,036 – 63,036 O&E 460,454 – 460,454 – (2,459) (2,459) Total reinsurance contracts held 3,156,143 – 3,156,143 592,407 (357,234) 235,173 11.1. Roll-forward of net asset or liability for insurance contacts issued showing the liability for remaining coverage and the liability for incurred claims The Company disaggregates information to provide disclosure in respect of major product lines separately: drought, tropical cyclone, non-sovereign business and O&E. This disaggregation has been determined based on how the company is managed. 111
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