employees. Boards of Regents, institutions and agencies comprising the Oklahoma State System of Higher Education are hereby authorized to carry general public liability insurance on their employees limited to their official assigned duties at said university and to pay the premiums therefor out of non-state-appropriated funds for the following kinds of insurance, not to exceed the limits indicated: 1. Bodily injury liability, Ten Thousand Dollars ($10,000.00) each person, Fifty Thousand Dollars ($50,000.00) each accident; 2. Property damage liability, Ten Thousand Dollars ($10,000.00) each accident; and 3. Medical expense, One Thousand Dollars ($1,000.00). Such insurance shall be on standard policy forms approved by the Insurance Commissioner 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 said 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.
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