limits. A. Boards of Regents, institutions and agencies comprising The Oklahoma State System of Higher Education which are authorized to own and operate vehicles are hereby authorized to carry public liability insurance on such vehicles and pay the premiums out of non-state-appropriated funds for the following kinds of insurance not to exceed the limits indicated: 1. Bodily injury liability, One Hundred Thousand Dollars ($100,000.00) each person, Three Hundred Thousand Dollars ($300,000.00) each accident; 2. Property damage liability, Twenty Thousand Dollars ($20,000.00) each accident; and 3. Medical expense, Ten Thousand Dollars ($10,000.00). B. If a vehicle is donated to a board of regents of an institution within The Oklahoma State System of Higher Education as provided for in Section 4 of this act, the board of regents is authorized to carry liability insurance in the following limits: 1. Bodily injury liability, Five Thousand Dollars ($5,000.00) each person, Ten Thousand Dollars ($10,000.00) each accident; and 2. Property damage liability, Five Thousand Dollars ($5,000.00). C. The liability insurance shall be on standard policy forms approved by the State Insurance Board with companies authorized to do business in Oklahoma. To the extent that an insurer has provided indemnity in a contract of insurance to the Board of Regents, an institution or an agency to which the act applies, the insurer may not plead as a defense in any action involving insurance purchased pursuant to this act, the governmental immunity of either the State of Oklahoma or of any political subdivision or agency thereof which has purchased insurance authorized by this act. D. The use of a motor vehicle for the purposes stated in Section 4 of this act by an institution of higher education is declared to be a public governmental function.
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