I'm sure that the track owner has insurance Just like any amateur racing I've ever done though you sign the waiver when you register and you take your chances.
No sanctioning body that I know of.
BTW... This isn't my gig. Just spreading the word.
10' Husaberg FE390, 05' ZX636R TrackBike, 00' XR680RR SM
01' KX-KDX220R Hybrid, 98' BBR120, 02' CRF150F, 66' CB160