Reinsurance

{
  "id": "MLC-T-ENV-023687",
  "term": "Reinsurance",
  "field": "Environment",
  "definition": "A procedure by which an insurance company insures its risks (e.g., those liabilities associated with its policyholders) with another insurance company. It is an arrangement by which one insurer transfers all or a portion of its risk under a policy or group of policies to another insurer or reinsurers. Thus, reinsurance is insurance purchased by an insurance company from another insurer to reduce risk for the original insurer.",
  "subject": "Land, waste and cleanup",
  "references": [
    "Environmental Insurance and Risk Management Tools Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/reinsurance/"
}