Direct life insurers are licensed to write life policies as well as long-term accident and health policies.
Direct general insurers are licensed to write all insurance business other than life policies and long-term accident and health policies. Direct general insurers include specialist insurers that write marine mutual insurance business, trade credit and political risk insurance business as well as financial guarantee insurance business.
Direct composite insurers are licensed to write both life and general insurance business.
Reinsurers are licensed to write life reinsurance business and/or general reinsurance. They are not permitted to write direct business and are only allowed to assume all or a part of the insurance or reinsurance risk written by another insurer.
Reinsurers include special purpose reinsurance vehicles that enter into insurance securitisation for purposes of fulfilling the obligations under the reinsurance contracts with the ceding insurers.
Captive insurers are licensed to write insurance business which consists principally of risks of its related corporations.