Reinsurance’ means a contract under which an originating insurer, called the ‘ceding’ insurer, procures insurance for itself in another insurer, called the ‘assuming’ insurer or the ‘reinsurer,’ with respect to part or all of an insurance risk of the originating insurer. [1967 c.359 § 26]

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

[Repealed by 1965 c.241 § 3]