[§392-48]  The insurance contract. Every policy of insurance issued by an insurer of an employer pursuant to thischapter which covers the liability of the employer for temporary disabilitybenefits shall cover the entire liability of the employer to the employer'semployees covered by the policy or contract, and also shall contain a provisionsetting forth the right of the employees to enforce in their own names eitherby filing a separate claim or by making the insurer a party to the originalclaim, the liability of the insurer in whole or in part for the payment of thedisability benefits.  Payment in whole or in part of disability benefits byeither the employer or the insurer shall, to the extent thereof, be a bar tothe recovery against the other of the amount so paid.

All insurance policies shall be approved by theinsurance commissioner of the State. [L 1969, c 148, pt of §1; gen ch 1985]