(a) Associations, corporations, limited liability companies, partnerships, trusts, risk retention groups, and other business entities may be participants in any sponsored captive insurance company formed or licensed under this chapter.
(b) A sponsor of a sponsored captive insurance company may be a participant.
(c) A participant need not be a shareholder or member of the sponsored captive insurance company or any affiliate thereof.
(d) A participant shall insure only its own risks through a sponsored captive insurance company.