3907.12
Reinsurance.

Any domestic legal reserve life insurance company may reinsure
a fractional part of any individual risk, not exceeding four-fifths thereof, in
a company authorized to transact business in this state, or, with the written
permission of the superintendent of insurance, the whole of such risk, and may
reinsure the whole or any part of any individual risk of any other company;
provided that any domestic legal reserve life insurance company, without the
written permission of the superintendent, may reinsure the whole of any
individual risk in a company authorized to transact business in this state if
such domestic company has been authorized for such purpose by the
superintendent. "Individual risk," as used in this section, includes any
policy, annuity, or contract issued pursuant to section
3907.15 of the Revised Code. Any
domestic company may, with the written consent of a commission consisting of
the governor or, if he cannot act, some competent resident of the state to be
appointed by him, the attorney general or an assistant attorney general, and
the superintendent, enter into a contract of reinsurance by which all of the
policy obligations of one company, and such other liabilities as are specified
in the contract, are assumed by another company.