58-11-27 Combination policy--Contents.
Two or more insurers may, with the approval of
the director, issue a combination policy which shall contain provisions substantially as follows:
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
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.
SL 1966, ch 111, ch 22, § 21 (2).