(1) 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 authorized pursuant to this chapter.

    (2) A sponsor may be a participant in a sponsored captive insurance company.

    (3) A participant need not be a shareholder of the sponsored captive insurance company or an affiliate of the company.

    (4) A participant shall insure only its own risks through a sponsored captive insurance company, unless otherwise approved by the commissioner.