Section 117B. Two or more companies authorized to transact business under clause Tenth of section forty-seven may issue a single policy of insurance against loss or damage on account of the hazards specified in such clause on which each company shall be severally liable for a specified percentage of any loss or claim. Such policy shall be executed on behalf of the companies by a duly authorized person and need not be countersigned by a resident agent of more than one of such companies in the commonwealth.

No such policy shall be issued or delivered until a copy of the form thereof has been on file for thirty days with the commissioner, unless before the expiration of said thirty days he shall approve the form of the policy in writing; nor if the commissioner notifies the companies in writing within said thirty days that in his opinion the form of the policy does not comply with the laws of the commonwealth specifying his reasons therefor, provided, that such action of the commissioner shall be subject to review by the supreme judicial court; nor unless the corporate names of all the companies are affixed thereto; nor unless such policy contains in substance the following:—

(1) A provision specifying the percentage of loss or claim for which each such company shall be liable.

(2) A provision that any notice, sworn statement, or proof of loss which may be required by the provisions of the policy may be rendered, made, or given to any one of such companies or to the agent named in the policy as the duly authorized agent of the companies, and that such notice, sworn statement, or proof of loss so rendered, made, or given shall be valid and binding as to all such companies.

(3) A provision that, in any action or suit under the policy, service of process may be made on any one of such companies and that such service shall be deemed valid and binding service upon all such companies.

Policies issued under this section which are subscribed by one or more mutual companies and persons insured under such policies and dividends and assessments thereunder shall, as to such companies, be subject to the provisions of the second, third, fourth and fifth paragraphs of section one hundred and two B and, except as otherwise provided in said paragraphs, sections seventy-six, eighty so far as applicable, eighty-one and eighty-three, relative to policies issued by mutual fire companies, persons insured under such policies, and dividends and assessments thereunder. Nothing in this section shall be construed as affecting, except as provided herein, any provision of law relative to the rights, powers, duties and liabilities of mutual companies and persons insured thereby.