(1) A captive insurance company may not adopt a name that is:
(a) the same as any other existing business name registered in this state;
(b) deceptively similar to any other existing business name registered in this state; or
(c) likely to be:
(i) confused with any other existing business name registered in this state; or
(ii) mistaken for any other existing business name registered in this state.
(2) An applicant captive insurance company that submits an application for a certificate of authority on or after May 14, 2019, or a captive insurance company that changes its name on or after May 14, 2019, shall include the word "insurance" or a term of equivalent meaning in its name.