(1) Any of the following may be a participant in a sponsored captive insurance company holding a certificate of authority under this chapter:
(a) an association;
(b) a corporation that is for profit or nonprofit;
(c) a limited liability company;
(d) a partnership;
(e) a trust; or
(f) any other business entity.
(2) A sponsor may be a participant in a sponsored captive insurance company.
(3) A participant need not be:
(a) a shareholder of the sponsored captive insurance company; or
(b) an affiliate of the sponsored captive insurance company.