A sponsored captive insurance company is a captive A) in which the minimum capital and surplus required  by law is provided by one or more sponsors; B) that is formed or licensed under the provisions of this chapter; C) that insures the risks only of its participants through separate contracts; and D) that funds its liability to each participant through one or more protected cells and segregates the assets of each protected cell from the assets of other protected cells and from the assets of the sponsored captive insurance company’s general account.

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