Policies of blanket 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, such policies 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, such policies may contain any provision required by the laws of the state, or country, in which they are issued.
(Added by Stats. 1957, Ch. 367.)