(1) Any captive insurer, when permitted by its charter or articles of incorporation, may apply to the office for a license to provide commercial property, commercial casualty, and commercial marine insurance coverage other than workers’ compensation and employer’s liability insurance coverage, except that an industrial insured captive insurer may apply for a license to provide workers’ compensation and employer’s liability insurance as set forth in subsection (6).
(2) No captive insurer, other than an industrial insured captive insurer, shall insure or accept reinsurance on any risks other than those of its parent and affiliated companies.
(3) In addition to information otherwise required by this code, each applicant captive insurer shall file with the office evidence of the adequacy of the loss prevention program of its insureds.
(4) An industrial insured captive insurer need not be incorporated in this state if it has been validly incorporated under the laws of another jurisdiction.
(5) An industrial insured captive insurer is subject to all provisions of this part except as otherwise indicated.
(6) An industrial insured captive insurer may not provide workers’ compensation and employer’s liability insurance except in excess of at least $25 million in the annual aggregate.