(a) A captive insurance company shall not use any name which is either similar, misleading, or confusing with respect to any other name already in use by any other captive insurance company, domestic mutual or stock insurance company, corporation, or association organized or doing business in this state. The Secretary of State shall not issue a charter to an applicant attempting to use such a name nor shall the Commissioner approve an application for a certificate of authority from such applicant.

(b)(1) With the exception of risk retention group captive insurance companies, the name of a captive insurance company shall include the words "captive insurance company" and have such word or words, abbreviation, suffix, or prefix included in the name or attached to it in such a manner as to clearly indicate that it is a corporation.

(2) The name of a risk retention group captive insurance company shall include the words "risk retention group captive insurance company" and have such word or words, abbreviation, suffix, or prefix included in the name or attached to it in such a manner as to clearly indicate that it is a corporation.

(c) If the captive insurance company is a mutual insurer, the word "mutual" shall also be a part of the name.