1. (1) Any of the following may be a participant in a sponsored captive insurance company holding a certificate of authority under this chapter:

   1. (a) an association;
   2. (b) a corporation that is for profit or nonprofit;
   3. (c) a limited liability company;
   4. (d) a partnership;
   5. (e) a trust; or
   6. (f) any other business entity.
2. (2) A sponsor may be a participant in a sponsored captive insurance company.

3. (3) A participant need not be:

   1. (a) a shareholder of the sponsored captive insurance company; or
   2. (b) an affiliate of the sponsored captive insurance company.

Amended by Chapter 175, 2025 General Session