§ 431-3-109

§431:3-109 Reinsurance. Reinsurance means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. In referring to reinsurance transactions, this code sometimes refers to the insurer transferring the risk as the ceding or withdrawing insurer, while the insurer assuming the risk is sometimes termed the assuming reinsurer or the reinsurer. [L 1987, c 347, pt of §2] Attorney General Opinions Third party liability coverage provided to the State is insurance, not reinsurance. Att. Gen. Op. 95-2.