Section 54G. Any company authorized to transact the kinds of business specified in the sixteenth clause of section forty-seven may reinsure either by itself or together with other insurers through pooling arrangements or otherwise for the purposes of spreading the insurance risk, risks of every kind and description and may reinsure in any other company any part or all of any risks assumed by it. Any such reinsurance or pooling of risks shall be subject to any regulations which may be promulgated by the commissioner. The commissioner shall have the authority to promulgate regulations necessary to protect the interests of the insurer’s policyholders and the people of the commonwealth including but not limited to financial and solvency requirements and regulations designed to avoid the substantial lessening of competition generally in the insurance business.

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No company shall transact business pursuant to this section without the approval of the commissioner and the issuance to it of a certificate authorizing it to transact such business. No such approval shall be given and no certificate shall be issued unless, in the case of a domestic insurer, the company maintains unallocated surplus of not less than one million dollars, and in the case of a foreign insurer, unless it maintains an unallocated surplus of one million dollars and has made a deposit in an amount and subject to the conditions specified in subdivision (3)(c) of clause Second of section one hundred and fifty-one. Companies subject to this section shall comply with all other provisions of law relating to the transaction of the business of reinsurance in the commonwealth.