Under the International Insurance legislation five classes of insurance companies are permitted as follows:

Class I – Unrestricted License

Permits the insurer to carry on any international insurance business, including long-term international insurance business.

Must have a net worth of at least $200,000.

Class II – General License

Permits the insurer to carry on general international insurance business, but not long-term international insurance business.

Must have a net worth of at least $100,000.

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.

Must have a net worth of at least $50,000.

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.

Must have net worth of at least $25,000.

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.

Must have net worth of at least $10,000.