(1) A captive insurance company authorized to do business in this state may take credit for reserves on risks ceded to a reinsurer subject to the following conditions:

(a) no credit is allowed for reinsurance if the reinsurance contract does not result in the complete transfer of the risk or liability to the reinsurer;

(b) no credit shall be allowed, as an asset or deduction from liability, to any ceding insurer for reinsurance unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding insurer under the contract reinsured without diminution because of the insolvency of the ceding insurer;

(c) reinsurance must be effected through a written agreement of reinsurance setting forth the terms, provisions and conditions governing the reinsurance; and

(d) the commissioner may require that complete copies of all reinsurance treaties and contracts be filed and/or approved by him.