[§431E-52]  Conflict of laws.  (a)  Ifthere is more than one owner on a single policy, and the owners are residentsof different states, the life settlement contract shall be governed by the lawof the state in which the owner having the largest percentage ownership residesor, if the owners hold equal ownership, the state of residence of one owneragreed upon in writing by all of the owners.  The law of the state of theinsured shall govern in the event that equal owners fail to agree in writingupon a state of residence for jurisdictional purposes.

(b)  A provider from this State who enters intoa life settlement contract with an owner who is a resident of another statethat has enacted statutes or adopted regulations governing life settlementcontracts, shall be governed in the effectuation of that life settlementcontract by the statutes and regulations of the owner's state of residence.  Ifthe state in which the owner is a resident has not enacted statutes orregulations governing life settlement contracts, the provider shall give theowner notice that neither that state nor this State regulates the transactionupon which the owner is entering.  For transactions in those states, however,the provider shall maintain all records required if the transactions wereexecuted in the state of residence.  The forms used in those states need not beapproved by the insurance division.

(c)  If there is a conflict in the laws thatapply to an owner and a purchaser in any individual transaction, the laws ofthe state that apply to the owner shall take precedence and the provider shallcomply with those laws. [L 2008, c 177, pt of §1]