Oklahoma § 36-3619 - Underwriters' and combination policies

§ 36-3619. Underwriters' and combination policies

A. Two or more authorized insurers may jointly issue, and shall

be jointly and severally liable on, an underwriters' policy bearing

their names. Any one insurer may issue policies in the name of an

underwriter's department and such policy shall plainly show the true

name of the insurer.

B. Two or more insurers may, with the approval of the Insurance

Commissioner, issue a combination policy which shall contain

provisions substantially as follows:

1. That the insurers executing the policy shall be severally

liable for the full amount of any loss or damage, according to the

terms of the policy, or for specified percentages or amounts

thereof, aggregating the full amount of insurance under the policy,

and

2. That service of process, or of any notice or proof of loss

required by such policy, upon any of the insurers executing the

policy, shall constitute service upon all such insurers.

C. Two or more insurers may, with the approval of the Insurance

Commissioner, issue a combination policy wherein the subject of

insurance is insured against specific risks or perils. In such

policy the liability for specific risks or perils assumed by each

insurer shall be clearly set out, and each insurer shall be liable

only for the risks or perils specifically assumed.

D. This section shall not apply to co-surety obligations.

Laws 1957, p. 368, § 3619.

Oklahoma Statutes - Title 36. Insurance