TITLE 4: ECONOMIC RESOURCES
DIVISION 7: INSURANCE
§ 7913.
Reinsurance.
(a) Any captive insurance company may provide reinsurance, as defined and authorized in 4 CMC § 7507, on risks ceded by any other insurer. (b) Any captive insurance company may take credit for reserves on risks ceded to a reinsurer; provided, however, that no captive insurance company shall reinsure a risk or part thereof with reinsurers not complying with the provisions of Title 4, Division 7, of the Commonwealth Code. (c) A captive insurance company may take credit for reserves on risks or portions of risks ceded to a pool, exchange, or association acting as a reinsurer that has been authorized by the Commissioner. The Commissioner may require any other documents, financial information, or other evidence that such a pool, exchange, or association will be able to provide adequate security for its financial obligations. The Commissioner may deny authorization or impose any limitations on the activities of a reinsurance pool, exchange, or association that, in his judgment, are necessary and proper to provide adequate security for the ceding captive insurance company and for the protection and consequent benefit of the public at large. (d) For all purposes of this Chapter, insurance by a captive insurance company of any workers’ compensation qualified self-insured plan of its parent and affiliates shall be deemed to be reinsurance. Source: PL 24-03, § 2 (June 12, 2025).