No stipulated premium life insurance company or association organized under sections 377.200 to 377.460 shall consolidate with another company or transfer or reinsure its risks with any other company or association or assume or reinstate the whole or any part of the risks of any other company or association, except with the approval of a majority of the policy or stockholders present and voting at a regular or special meeting duly called; provided, however, that any such company may reinsure a fractional part of any single risk, but no such insurance shall in any manner release the company or association from its obligation under contract with the policyholder. All such reinsurance shall be reported annually to the director of the department of commerce and insurance.