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: an association; a corporation that is for profit or nonprofit; a limited liability company; a partnership; a trust; or any other business entity.
(2) A sponsor may be a participant in a sponsored captive insurance company.
(3) A participant need not be: a shareholder of the sponsored captive insurance company; or an affiliate of the sponsored captive insurance company.