(1) Except as provided in Chapter 37a, Special Purpose Financial Captive Insurance Company Act, and Subsection (2), Chapter 27a, Insurer Receivership Act, applies to a captive insurance company formed or holding a certificate of authority under this chapter.

(2) In the case of a sponsored captive insurance company: (a) the assets of a protected cell may not be used to pay an expense or claim other than one attributable to the protected cell; and (b) the capital and surplus of the sponsored captive insurance company: (i) shall at all times be available to pay: (A) an expense of the sponsored captive insurance company; or (B) a claim against the sponsored captive insurance company; and (ii) may not be used to pay an expense or claim attributable to a protected cell.

(a) the assets of a protected cell may not be used to pay an expense or claim other than one attributable to the protected cell; and

(b) the capital and surplus of the sponsored captive insurance company: (i) shall at all times be available to pay: (A) an expense of the sponsored captive insurance company; or (B) a claim against the sponsored captive insurance company; and (ii) may not be used to pay an expense or claim attributable to a protected cell.

(i) shall at all times be available to pay: (A) an expense of the sponsored captive insurance company; or (B) a claim against the sponsored captive insurance company; and

(A) an expense of the sponsored captive insurance company; or

(B) a claim against the sponsored captive insurance company; and

(ii) may not be used to pay an expense or claim attributable to a protected cell.