Section 38-90-225 - Participants in a sponsored captive insurance company(A) The following may be participants in a sponsored captive insurance company formed or licensed pursuant to this chapter: (1) an association, corporation, limited liability company, partnership, trust, or other business entity; and(B) A participant does not need to be a shareholder of the sponsored captive insurance company or an affiliate of the company.(C) A participant shall insure only its own risks through a sponsored captive insurance company unless otherwise approved by the director.(D) A risk retention group may not be a sponsor or participant in a sponsored captive insurance company.Amended by 2018 S.C. Acts, Act No. 251 (HB 4675),s 1, eff. 5/18/2018.