Legality of owners obtaining separate health insurance plan

[Guest Nodak]

I have two “C” corporations each with identical ownership. All shares of each corporation are owned by 3 entities. The 3 entities each own one-third of each corporation. The 3 entities are trusts in the name of the owners. For example, a stock certificate would be held in the name of “John Doe, Trustee for the John Doe Trust.”

Corporation A has only one employee. Corporation B has 4000 employees. The trustees of Corporation A would like to get a fully insured health care policy available only to the 3 trustees.

Corporation B has a self-funded health plan offered to all employees. The trustees (owners) of Corporation A would like to lease back their single employee thru Corporation B. (Much like a PEO relationship where Corporation A would retain control over the employee, and Corporation B would be the employee of record, run payroll, administer benefits, provide work comp etc.) Employee from Company A would then be eligible for benefits as an employee of Company B. Employee would be an employee of both Corporation A and Corporation B.

Question: are there any ERISA issues with the 3 trustees of Company A maintaining a separate, fully insured health care policy for themselves only, while the single employee (as well as all future employees of Company A) would be eligible only for the self-funded health plan of company B and would never be offered the fully insured policy in which the 3 trustees participate?