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§ 3619. Underwriters' and combination policies

Oklahoma Statutes AnnotatedTitle 36. Insurance

Oklahoma Statutes Annotated
Title 36. Insurance (Refs & Annos)
Chapter 1. Insurance Code (Refs & Annos)
Article 36. The Insurance Contract in General
36 Okl.St.Ann. § 3619
§ 3619. Underwriters' and combination policies
Currentness
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.

Credits

Laws 1957, p. 368, § 3619, operative July 1, 1957.
36 Okl. St. Ann. § 3619, OK ST T. 36 § 3619
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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