Section 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:(b) a corporation that is for profit or nonprofit;(c) a limited liability company;(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 244, 2015 General Session ,§ 48, eff. 5/12/2015.Amended by Chapter 312, 2004 General Session