58-46-29. Participant in sponsored captive insurance company.
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/sd/title-58/chapter-58-46/58-46-29A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.