(B) The amendment of the organizational document of a captive insurance company to become a protected cell captive insurance company shall require approval by both of the following:

1. (1) Holders of two-thirds of the outstanding shares or ownership interests of the captive insurance company, unless a greater amount is required by the organizational document of the captive insurance company;
2. (2) All the creditors of the captive insurance company.

(E) The amendment of an organizational document of a protected cell captive insurance company to cease to be a protected cell captive insurance company shall require approval by all of the following:

1. (1) The superintendent;
2. (2) Holders of two-thirds of the outstanding shares or ownership interests of the protected cell captive insurance company, unless a greater amount is required by the organizational document of the protected cell captive insurance company;
3. (3) Two-thirds of the participants of each protected cell;
4. (4) All the creditors of the protected cell captive insurance company and its protected cells.

(G)

1. (1) If a captive insurance company or protected cell captive insurance company seeks to change its status in accordance with this section, the captive insurance company or protected cell captive insurance company shall deliver both of the following to the superintendent:

   1. (a) A copy of the amendment to its name;
   2. (b) Evidence satisfactory to the superintendent that the requirements of division (B) or (E) of this section have been met.
2. (2) If the documents required under division (G)(1) of this section are provided, the superintendent shall issue a license that is appropriate to the amended status of the company.