§431:10-223  Underwriters and combination
policies.  Two or more authorized insurers may together issue:



(1)  An underwriters policy bearing their names upon
which their liability shall be joint and several.  Any one insurer may issue
policies in the name of an underwriter's department provided the policies shall
plainly show the true name of the insurer.



(2)  With the commissioner's approval, a combination
policy which shall contain provisions substantially as follows:



(A)  That the insurers shall be severally
liable according to the terms of the policy for the full or specified amount
of, or percentage of, any loss or damage aggregating the full amount of
insurance under the policy.



(B)  That service of process, or of any notice
or proof of loss required by the policy, upon any of the insurers executing the
policy, shall constitute service upon all such insurers.



This section shall not apply to co-surety
obligations. [L 1987, c 347, pt of §2]