403-A:3 Reinsurance. –
Any domestic insurance company or association except a domestic life insurance company, which, during any period of 12 consecutive months, by any contract or contracts of reinsurance, cedes an amount of its insurance on which the total gross reinsurance premiums are more than 50 percent of the unearned premiums on the net amount of its insurance in force at the beginning of such period, shall give written notification thereof to the insurance commissioner. Any domestic life insurance company which reinsures its whole risk on any individual life or joint lives or reinsures policies which, during any period of 12 consecutive months, in the aggregate, amount to more than 50 percent of its insurance in force shall give written notification thereof to the insurance commissioner. The notification required hereunder shall be given at least 10 business days before the date such reinsurance takes effect, and shall specify the nature and amount thereof, and identify the parties thereto. The requirements of this section shall not apply to reinsurance made in the ordinary course of business covering reinsurance of specified individual risks under agreements relating to current business.