What is the difference between insurance and reinsurance, and which of them is permissible, and what are the conditions for permissibility for each?

Reinsurance is when an insurance company pays a portion of the premiums it collects to a reinsurance company, in return for the latter guaranteeing a portion of the losses. If the insured risk occurs, the insurance company pays the policyholder, and then claims a portion of the compensation from the reinsurance company. The ruling on reinsurance depends on the type of reinsurance company: if it is commercial, then it is impermissible; but if it is Islamic, then there is no objection.