Certification requirements of sponsor of sponsored captive insurer

A sponsor of a sponsored captive insurer shall be an insurer licensed under the laws of any state, a reinsurer authorized or approved under the laws of any state, or a captive insurer formed or issued a certificate of authority under KRS 304.49-010 to 304.49-230. A risk retention group shall not be either a sponsor or a participant of a sponsored captive insurer.