- (A) Except as otherwise provided in this chapter, the terms and conditions provided in Chapter 10 relating to a protected cell insurance company apply in full to a sponsored captive insurance company.
(B) In the case of a sponsored captive insurance company:
- (1) a protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a sponsored captive insurance company participant;
- (2) the sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell; and
- (3) Section 38-10-40(F) does not apply.
HISTORY: 2001 Act No. 58, Section 7, eff May 29, 2001.