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

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

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

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

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

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