(a) Any person may be a participant in a protected cell captive insurance company formed or licensed under this Part.
(b) A sponsor may be a participant in a protected cell captive insurance company.
(c) A participant need not be a shareholder of the protected cell captive insurance company or any affiliate thereof.
(d) Except as otherwise approved by the Commissioner, a participant shall insure only its own risks and the risks of its affiliates through a protected cell captive insurance company.