Policies of group life insurance may conform to the following conditions, any other provisions of this chapter notwithstanding:
(a) When issued in this State by any foreign insurer, they may contain any provision required by the law of the State under which the insurer is organized.
(b) When issued in other States or countries by domestic insurers, they may contain any provision required by the laws of the State, or country, in which they are issued.
(c) They may contain provisions on any of the requirements set forth in sections 10205 to 10210, which, in the opinion of the commissioner, are more favorable to the employer or to the employee than the required provisions.
(Enacted by Stats. 1935, Ch. 145.)