(a) A multiple employer welfare arrangement shall transact business under the arrangement's own name and may not adopt any assumed name. An arrangement may not use a name that is the same as or closely resembles the name of any other arrangement that:
(1) possesses a certificate of authority; and
(2) is engaged in business in this state.
(b) A multiple employer welfare arrangement may change its name by:
(1) amending the articles of the arrangement; or
(2) taking a new name with the approval of the commissioner.