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(a) Any policy of a foreign or alien insurer, when delivered or issued for delivery to any person in this territory, may contain any provision which is not less favorable to the insured or to the beneficiary than the provisions of this chapter and which is prescribed or required by the laws of the jurisdiction under which the insurer is organized.
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(b) Any policy of a domestic insurer may, when issued for delivery in any other jurisdiction, contain any provision permitted or required by the laws of such other jurisdiction.