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

(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 that is for profit or nonprofit; (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.