20-1098.11. Reinsurance

A. Except as provided in subsection C of this section or otherwise with the approval of the director, a captive insurer may reinsure risks only pursuant to the limitations prescribed in section 20-1098.01, subsection A.

B. A captive insurer may take credit for reserves on risks or portions of risks ceded to a reinsurer that is in compliance with sections 20-261 and 20-261.01 through 20-261.04. Prior approval of the director shall be required for ceding or taking credit for the reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with sections 20-261 and 20-261.01 through 20-261.04.

C. A captive insurer may cede to and assume risks that are not within the limitations prescribed in section 20-1098.01, subsection A, subject to the approval of the director.

20-1098.11. Reinsurance

A. Except as provided in subsection C of this section or otherwise with the approval of the director, a captive insurer may reinsure risks only pursuant to the limitations prescribed in section 20-1098.01, subsection A.

B. A captive insurer may take credit for reserves on risks or portions of risks ceded to a reinsurer that is in compliance with sections 20-261 and 20-261.01 through 20-261.04. Prior approval of the director shall be required for ceding or taking credit for the reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with sections 20-261 and 20-261.01 through 20-261.04.

C. A captive insurer may cede to and assume risks that are not within the limitations prescribed in section 20-1098.01, subsection A, subject to the approval of the director.