(a) A policy may contain additional provisions, which are not inconsistent with this title, and which are—
(1) required to be so inserted by the laws of the insurer's domicile; or
(2) necessary, on account of the manner in which the insurer is constituted or operated, to state the rights and obligations of the parties to the contract.
(b) Punitive damages shall not be covered by any insurance policy, regardless of the language therein, unless the policy contains a provision which specifically states: “PUNITIVE DAMAGES ARE EXPLICITLY COVERED BY THE TERMS OF THIS POLICY AS AGREED UPON BY THE PARTIES HERETO AND FOR WHICH AN ADDITIONAL PREMIUM HAS BEEN PAID.” For the purposes of this subsection “punitive damages” means an award over and above general and special damages, where there has been a showing by clear and convincing evidence that the tortfeasor personally and intentionally acted out of circumstances occasioned by violence, oppression, malice, fraud, or wanton or wicked conduct. Gross negligence shall be an insufficient standard of proof to support an award of punitive damages.