(1) An association, corporation, limited liability company, partnership, trust, or other business entity may be a participant in a sponsored captive insurance company formed or licensed under this subchapter.
(2) A sponsor may be a participant in a sponsored captive insurance company.
(3) A participant need not be a shareholder of the sponsored captive insurance company or an affiliate of the company.
(4) A participant shall not insure any risks other than its own, its affiliated entities, or of controlled unaffiliated entities.