§ 31A-37-403. Participants in sponsored captive insurance companies.

Latest version.

(1)

Any of the following may be a participant in a sponsored captive insurance company holding a certificate of authority under this chapter:

(a)	an association;

(b)	a corporation;

(c)	a limited liability company;

(d)	a partnership;

(e)	a trust; or

(f)	any other business entity.

(2)	A sponsor may be a participant in a sponsored captive insurance company.

(3)

A participant need not be:

(a)	a shareholder of the sponsored captive insurance company; or

(b)	an affiliate of the sponsored captive insurance company.

(4)	A participant shall insure only the participant's own risks through a sponsored captive insurance company unless otherwise approved by the commissioner.

Amended by Chapter 312, 2004 General Session

                    
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