Under the International Insurance (Amendment and Consolidation) Act, 1998, five classes of insurance companies are permitted as follows:

Class 1 Unrestricted license

Permits the insurer to carry on any international insurance business, including long-term international insurance business.
Eligibility
(a) a company or mutual company constituted under the laws of the State or a company or mutual company constituted in a country or jurisdiction that is approved by the Authority.
(b) must have a net worth of at least $200,000 and meet the minimum margin of solvency prescribed in the regulations.

Class II General License

Permits the insurer to carry on general international insurance business, but not long-term international insurance business.
Eligibility
(a) a company or mutual company constituted under the laws of the State or a company or mutual company constituted in a country or jurisdiction that is approved by the Authority.
(b) must have a net worth of at least $100,000 and meet the minimum margin of solvency prescribed in the regulations.

Class III Association License

Permits the insurer to carry on general international insurance business and long-term international insurance business, with two or more owners of the insurer, and their affiliates, and to carry on no more than thirty percent (30%) of its international insurance business ( based on net premiums written) with persons who are not owners of the insurer or their affiliates.
Eligibility
(a) a company or mutual company constituted under the laws of the state
(b) must have a net worth of at least $50,000 and meet the minimum margin of solvency prescribed in the regulations.
(c) a company which intends to carry on international insurance business not less than 70% of the net premiums written in respect of which will be written for the purpose of-
(i) insuring the risks of the owners of the insurer or affiliates of those owners; or
(ii) insuring risks which, in the opinion of the Commissioner, arise out of the business or operations of those owners or their affiliates.

Class IV Group License

Permits the insurer to carry on any international insurance business, including long-term international business, with a single owner of that insurer and its affiliates, and employees of the owner or its affiliates.
Eligibility
(a) a company constituted under the International Business Companies Act,1996;
(b) must have net worth of at least $25,000.
(c) it is owned by a single company, trust or partnership, or directly by 15 or fewer individual natural persons who are in association in a common business enterprise, association, profession or professional undertaking;
(d) intends to carry on international insurance business consisting only of insuring the risks of the owners or writing annuities for the owners.

Class V Single License

Permits the insurer to carry on any international insurance business, including long-term international insurance business, with the sole owner of the insurer, if a company, or with the beneficial owners of the insurer, if a trust.
Eligibility
(a) a company registered under the International Business Companies Act,1996 or is a trust registered under the International Trust Act, 1996.
(b) must have net worth of at least $10,000.
(c) has a single owner, in the case of a company, or no more than five beneficiaries, in the case of a trust.
(d) to carry on international insurance business consisting only of insuring the risks of the owner of such company or the beneficiaries of such trust, as the case may be, or writing annuities for such persons.