Any entity may be a participant in any sponsored captive insurance company. A sponsor may be a participant in a sponsored captive insurance company. A participant need not be an owner of the sponsored captive insurance company or any affiliate thereof. Except as otherwise approved by the director, a participant may insure through a sponsored captive insurance company only its own risks and the risks of its affiliates who are participants.

Source: SL 2013, ch 257 , § 25.