An insurer may reinsure all or any part of an individual risk or of a particular class of risks in any other insurer or, with the approval of the Commissioner, all its risks in an authorized insurer, or may accept such reinsurance from any other insurer. No domestic insurer may reinsure with an insurer which is not authorized to transact insurance or reinsurance unless:
1. The domestic insurer has the Commissioner’s written approval; or
2. The insurer accepting the reinsurance meets the requirements for credit provided in NRS 681A.150 to 681A.190, inclusive.
(Added to NRS by 1971, 1606; A 1983, 432; 1987, 648; 1991, 254; 1993, 2386; 1995, 1767)