N.Y. Insurance Law § 7010: Reinsurance

§ 7010. Reinsurance. (a) Any captive insurance company may assume

reinsurance on risks ceded by any other insurer when the risks ceded

under the reinsurance agreement are solely those of the industrial

insured or members of industrial insured group owning the captive

insurance company.

(b) With the approval of the superintendent, any captive insurance

company may assume risks of any other insurer, provided the reinsurance

premiums assumed do not exceed fifty percent of the assuming captive

insurance company's gross premiums written in any calendar year.

(c) Any captive insurance company may take credit for reserves on

risks or portions of risks ceded to reinsurers complying with the

provisions of paragraph nine of subsection (a) of section one thousand

three hundred one and section one thousand three hundred eight of this

chapter. Prior approval of the superintendent shall be required for

ceding or taking credit for reserves on risks or portions of risks ceded

to reinsurers not complying with these sections.