Notwithstanding any other provision of this subchapter, a title insurance company may obtain reinsurance by a reinsurance treaty or other reinsurance agreement from an assuming insurer with a financial strength rating of B+ or better from the A. M. Best Company, which reinsurance meets the requirements of Subchapter C, Chapter 493, if the title insurance company has provided the department with notice that:
(1) contains representations that the title insurance company was unable after diligent effort to procure sufficient reinsurance from another title insurance company; and
(2) summarizes the terms of the reinsurance treaty or other reinsurance agreement that the title insurance company will obtain.