(a) Subject to Subsection (b), a group hospital service corporation may:
(1) contract with another organization similar in character for joint participation through:
(A) a mutualization contract agreement;
(B) a reinsurance treaty; or
(C) another arrangement; and
(2) cede or accept risks from an insurer on all or part of a risk.
(b) Each document used for a purpose described by Subsection (a) must be filed with the department and approved by the commissioner for use in that purpose.