An insurance firm's license will state the classes of insurance that the firm is authorised to conduct. In recognition that the policyholders of captive insurers are limited to their owners (or shareholders), captive insurers may be licensed to underwrite either general (non-life) or long-term (life) insurance classes, or both. In the latter case, however, they are required to maintain separate funds for general and long term insurance business and to apply the appropriate capital requirements to each fund.