A special purpose insurance captive shall not:
(a) Enter into a special purpose insurance captive contract with a person that is not authorized to transact the business of insurance or reinsurance in at least its state or country of domicile; or
(b) lend or otherwise invest or place in custody, trust or under management any of its assets with, or to borrow money or receive a loan, other than according to the plan of operation filed with and approved by the commissioner.