442.

Reinsurance regulated (a) No stock or mutual insurance company, association, or exchange, organized under the laws of this Commonwealth, shall reinsure its entire schedule of policies except by approval of the Insurance Commissioner. (b) Any domestic or foreign stock or mutual insurance company, association, or exchange, authorized to transact business in this Commonwealth, may reinsure all or any part of its liability under one or more of its policy contracts with any stock or mutual insurance company, association, or exchange, doing the same or a similar kind of business, licensed to transact business in this Commonwealth or licensed to transact business in any of the United States, if such company, association, or exchange is and remains of the same standard of solvency and meets and continues to meet all other requirements fixed by the laws of this Commonwealth for companies, associations, or exchanges transacting the same classes of business within this Commonwealth. Any domestic or foreign stock or mutual insurance company, association, or exchange, authorized to transact business in this Commonwealth, shall pay to this Commonwealth taxes required on all business taxable within this Commonwealth and reinsured, as provided in this section, and may take credit for the reserves of each ceded risk to the extent reinsured subject to the exceptions provided in sections 319.1 and 319.2 .