§ 38.2-2116. Policies issued by two or more insurers.
A. With the consent of the Commission, two or more licensed insurers mayjointly issue a policy, using a distinctive title that is prominently printedon the policy followed by the names and the home office addresses of theinsurers obligated under the policy. The policy shall be executed by theproper officers of each insurer. Before issuance, the form and any terms ofthe policy that are in addition to the standard provisions set out in §§38.2-2104 and 38.2-2105 shall be approved by the Commission. The terms of thepolicy shall not be inconsistent with the standard provisions, and shall beplaced under a separate title headed as follows: "Provisions speciallyapplicable to this jointly issued policy." The special provisions shallcontain in substance that:
1. The insurers executing the policy are severally liable for the full amountof any loss or damage according to the terms of the policy or for specifiedpercentages or amounts of any loss or damage aggregating the full amount ofinsurance under the policy; and
2. Service of process upon, or notice of proof of loss required by the policyand given to any of the insurers executing the policy, shall be deemed to beservice upon or notice to all such insurers.
B. The unearned premium reserve on each policy shall be allocated to eachinsurer on the basis of each insurer's pro rata share of the face amount ofthe policy, except to the extent that the risk is transferred under a validcontract of reinsurance.
(Code 1950, § 38-183; 1952, c. 317, § 38.1-372; 1986, c. 562.)
§ 38.2-2116. Policies issued by two or more insurers.
A. With the consent of the Commission, two or more licensed insurers mayjointly issue a policy, using a distinctive title that is prominently printedon the policy followed by the names and the home office addresses of theinsurers obligated under the policy. The policy shall be executed by theproper officers of each insurer. Before issuance, the form and any terms ofthe policy that are in addition to the standard provisions set out in §§38.2-2104 and 38.2-2105 shall be approved by the Commission. The terms of thepolicy shall not be inconsistent with the standard provisions, and shall beplaced under a separate title headed as follows: "Provisions speciallyapplicable to this jointly issued policy." The special provisions shallcontain in substance that:
1. The insurers executing the policy are severally liable for the full amountof any loss or damage according to the terms of the policy or for specifiedpercentages or amounts of any loss or damage aggregating the full amount ofinsurance under the policy; and
2. Service of process upon, or notice of proof of loss required by the policyand given to any of the insurers executing the policy, shall be deemed to beservice upon or notice to all such insurers.
B. The unearned premium reserve on each policy shall be allocated to eachinsurer on the basis of each insurer's pro rata share of the face amount ofthe policy, except to the extent that the risk is transferred under a validcontract of reinsurance.
(Code 1950, § 38-183; 1952, c. 317, § 38.1-372; 1986, c. 562.)
§ 38.2-2116. Policies issued by two or more insurers.
A. With the consent of the Commission, two or more licensed insurers mayjointly issue a policy, using a distinctive title that is prominently printedon the policy followed by the names and the home office addresses of theinsurers obligated under the policy. The policy shall be executed by theproper officers of each insurer. Before issuance, the form and any terms ofthe policy that are in addition to the standard provisions set out in §§38.2-2104 and 38.2-2105 shall be approved by the Commission. The terms of thepolicy shall not be inconsistent with the standard provisions, and shall beplaced under a separate title headed as follows: "Provisions speciallyapplicable to this jointly issued policy." The special provisions shallcontain in substance that:
1. The insurers executing the policy are severally liable for the full amountof any loss or damage according to the terms of the policy or for specifiedpercentages or amounts of any loss or damage aggregating the full amount ofinsurance under the policy; and
2. Service of process upon, or notice of proof of loss required by the policyand given to any of the insurers executing the policy, shall be deemed to beservice upon or notice to all such insurers.
B. The unearned premium reserve on each policy shall be allocated to eachinsurer on the basis of each insurer's pro rata share of the face amount ofthe policy, except to the extent that the risk is transferred under a validcontract of reinsurance.
(Code 1950, § 38-183; 1952, c. 317, § 38.1-372; 1986, c. 562.)
