17:47B-10 Provision of reinsurance on risks ceded by other insurers.
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/nj/title-17/chapter-47b/17-47b-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
10. a. A captive insurance company may provide reinsurance on risks ceded by any other insurer.
b. A captive insurance company may take credit for the reinsurance of risks or portions of risks ceded to reinsurers complying with the provisions of P.L.1993, c.243 (C.17:51B-1 et seq.). A captive insurance company shall not take credit for the reinsurance of risks or portions of risks ceded to reinsurers not complying with P.L.1993, c.243 (C.17:51B-1 et seq.).
c. For purposes of this act, insurance by a captive insurance company of any workers' compensation qualified self-insured plan of its parent and affiliates shall be deemed to be reinsurance.
L.2011, c.25, s.10.