58-5-120. Bulk reinsurance by domestic stock insurer--Agreement, filing with and approval by director.
A domestic stock insurer may reinsure all or substantially all of its insurance in force, or of a major class thereof, with another insurer by an agreement of bulk reinsurance; provided however no such agreement shall become effective unless filed with the director of the Division of Insurance and approved by him in writing after a hearing thereon.
Source: SL 1966, ch 111, ch 16, §40 (1).