N.J. Stat. § 17:47B-18: Regulations relative to risk retention group.

18. a. A risk retention group shall not be either a sponsor or participant in a sponsored captive insurance company.

b. An association, corporation, limited liability company, partnership, trust or any another business entity may be a participant in any sponsored captive insurance company formed or licensed under this act.

c. A sponsor may be a participant in a sponsored captive insurance company.

d. A participant need not be a shareholder of a sponsored captive insurance company or any affiliate of a sponsored captive insurance company.

e. A participant shall insure only its own risks through a sponsored captive insurance company.

L.2011, c.25, s.18.