Section 7010. Reinsurance

(a)  Any  captive insurance company may assume
  reinsurance on risks ceded by any other insurer  when  the  risks  ceded
  under  the  reinsurance  agreement  are  solely  those of the industrial
  insured or members  of  industrial  insured  group  owning  the  captive
  insurance company.
    (b)  With  the  approval  of the superintendent, any captive insurance
  company may assume risks of any other insurer, provided the  reinsurance
  premiums  assumed  do  not  exceed fifty percent of the assuming captive
  insurance company's gross premiums written in any calendar year.
    (c) Any captive insurance company may  take  credit  for  reserves  on
  risks  or  portions  of  risks  ceded  to  reinsurers complying with the
  provisions of paragraph nine of subsection (a) of section  one  thousand
  three  hundred  one and section one thousand three hundred eight of this
  chapter. Prior approval of the  superintendent  shall  be  required  for
  ceding or taking credit for reserves on risks or portions of risks ceded
  to reinsurers not complying with these sections.