(a) Associations, corporations, limited liability companies, partnerships, trusts and other business entities may be participants in any protected cell captive insurance company formed or licensed under this chapter.
(b) A sponsor may be a participant in a protected cell captive insurance company.
(c) A participant shall not be required to be a shareholder of the protected cell captive insurance company or any affiliate thereof.
(d) A participant shall insure only such participant's own risks through a protected cell captive insurance company, unless otherwise approved by the commissioner.