311(1)Subject to the approval of the Superintendent, the board may enter into a general reinsurance agreement with any other insurer or insurers licensed under the provisions of this Part for the reinsurance of risks on such terms and conditions as may be agreed upon.

311(2)Any such agreement may dispense with the issue of policies of reinsurance and may provide for reinsurance on the cash plan.

311(3)Every such agreement shall be in writing and under the corporate seals of the parties thereto.