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Insurance Code | |
Captive Insurance Companies Act | |
Section 403 | Participants in sponsored captive insurance companies. |
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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; (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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