(a) In this section, “completed operations liability” and “product liability” have the meanings assigned by the Product Liability Risk Retention Act of 1981 (15 U.S.C. § 3901 et seq.) before the effective date of the Liability Risk Retention Act of 1986 (15 U.S.C. § 3901 et seq.).
(b) Notwithstanding Section 2201.053, a corporation or other limited liability association may be considered a risk retention group if:
(1) before January 1, 1985, the corporation or association:
(A) was chartered and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands; and
(B) had certified to the commissioner, director, or superintendent of insurance of at least one state that it satisfied the capitalization requirements of that state; and
(2) since January 1, 1985, the corporation or association has been continuously engaged in business solely to continue to provide insurance to cover completed operations liability or product liability.