FRATERNAL BENEFIT SOCIETIES
I. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state, or if not so authorized, one which is approved by the commissioner, but no such society may reinsure substantially all of its insurance in force without the written permission of the commissioner.
II. Notwithstanding the limitation in paragraph I, a society may reinsure the risks of another society in a consolidation or merger approved by the commissioner under RSA 418:13, or as part of an assumption reinsurance agreement approved by the commissioner for the purpose of consolidating risks in a particular geographic region or facilitating the transformation of a fraternal benefit society to another form of organization.
Source. 2003, 182:1, eff. Jan. 1, 2004.