A captive insurance company may not adopt a name that is:

1. (1) the same as any other existing business name registered in this state;
2. (2) deceptively similar to any other existing business name registered in this state; or

3. (3) likely to be:

   1. (a) confused with any other existing business name registered in this state; or
   2. (b) mistaken for any other existing business name registered in this state.