N.Y. Insurance Law § 7819: Applicability and choice of law

§ 7819. Applicability and choice of law. (a) The provisions of this

article shall apply to any life settlement contract made, proposed to be

made, or solicited with a resident of this state or any owner physically

in this state.

(b)(1) If there is more than one owner on a single policy, and the

owners are residents of different states, then the state of residency

shall be the state in which the owner having the largest percentage of

ownership resides or, if the owners hold equal ownership, the state of

residence of one owner, agreed upon in writing by all of the owners.

(2) A life settlement contract entered into with an owner who is a

resident of another state may be governed by the laws of the other state

provided that the owner elects in writing to be governed by the laws of

the other state, and if the owner is also a resident of this state, the

life settlement contract is made, proposed to be made and solicited

outside this state.

(c) For the purposes of this section, with respect to any person other

than a natural person, the state of residence shall be:

(1) the state in which the person maintains its principal place of

business; or

(2) with respect to a trust, a state in which the grantor resides.