New York § 7819 Applicability and choice of law

New York Statutes

§ 7819 — Applicability and choice of law

New York § 7819

Law ISCInsurance

Art. 78Life Settlements

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N.Y. Insurance § 7819 (2026).

Text

§ 7819. Applicability and choice of law.

(a)The provisions of this\narticle shall apply to any life settlement contract made, proposed to be\nmade, or solicited with a resident of this state or any owner physically\nin this state.\n (b)(1) If there is more than one owner on a single policy, and the\nowners are residents of different states, then the state of residency\nshall be the state in which the owner having the largest percentage of\nownership resides or, if the owners hold equal ownership, the state of\nresidence of one owner, agreed upon in writing by all of the owners.\n (2) A life settlement contract entered into with an owner who is a\nresident of another state may be governed by the laws of the other state\nprovided that the owner elects in writing to be governed by the la

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§ 7819. Applicability and choice of law. (a) The provisions of this\narticle shall apply to any life settlement contract made, proposed to be\nmade, or solicited with a resident of this state or any owner physically\nin this state.\n (b)(1) If there is more than one owner on a single policy, and the\nowners are residents of different states, then the state of residency\nshall be the state in which the owner having the largest percentage of\nownership resides or, if the owners hold equal ownership, the state of\nresidence of one owner, agreed upon in writing by all of the owners.\n (2) A life settlement contract entered into with an owner who is a\nresident of another state may be governed by the laws of the other state\nprovided that the owner elects in writing to be governed by the laws of\nthe other state, and if the owner is also a resident of this state, the\nlife settlement contract is made, proposed to be made and solicited\noutside this state.\n (c) For the purposes of this section, with respect to any person other\nthan a natural person, the state of residence shall be:\n (1) the state in which the person maintains its principal place of\nbusiness; or\n (2) with respect to a trust, a state in which the grantor resides.\n