58-14-1. Reinsurance defined.
"Reinsurance" is a contract under which an originating insurer, called the "ceding insurer," procures insurance for itself in another insurer, called the "assuming insurer" or the "reinsurer," with respect to part or all of any insurance risk of the originating insurer.
Source: SL 1966, ch 111, ch 4, §9.