Participants in a sponsored captive insurance company

(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.