§ 7010 — Reinsurance

§ 7010. Reinsurance. (a) Any captive insurance company may assume\nreinsurance on risks ceded by any other insurer when the risks ceded\nunder the reinsurance agreement are solely those of the industrial\ninsured or members of industrial insured group owning the captive\ninsurance company.\n (b) With the approval of the superintendent, any captive insurance\ncompany may assume risks of any other insurer, provided the reinsurance\npremiums assumed do not exceed fifty percent of the assuming captive\ninsurance company's gross premiums written in any calendar year.\n (c) Any captive insurance company may take credit for reserves on\nrisks or portions of risks ceded to reinsurers complying with the\nprovisions of paragraph nine of subsection (a) of section one thousand\nthree hundred one and section one thousand three hundred eight of this\nchapter. Prior approval of the superintendent shall be required for\nceding or taking credit for reserves on risks or portions of risks ceded\nto reinsurers not complying with these sections.\n