"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 an insurance risk of the originating insurer.
KRS 304.5-130
"Reinsurance" defined
Applied in 2 court decisions — leading case Albany Insurance Co. v. Stephens (1995)
Most recently applied in Deans & Homer, Inc. v. Commonwealth, Public Protection Cabinet, Kentucky Department of Insurance (January 2014)
Effective: June 18, 1970 History: Created 1970 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.