(1) 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.
(2) A sponsor may be a participant in a protected cell captive insurance company.
(3) A participant need not be a shareholder of the protected cell captive insurance company or any affiliate thereof.
(4) A participant shall insure only its own risks through a protected cell captive insurance company, unless otherwise approved by the commissioner.