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