(A) The following may be participants in a sponsored captive insurance company formed or licensed pursuant to this chapter:
(1) an association, corporation, limited liability company, partnership, trust, or other business entity; and
(2) a sponsor.
(B) A participant does not need to be a shareholder of the sponsored captive insurance company or an affiliate of the company.
(C) A participant shall insure only its own risks through a sponsored captive insurance company unless otherwise approved by the director.
(D) A risk retention group may not be a sponsor or participant in a sponsored captive insurance company.