1834 ARTICLE 48A.

of life insurance issued in this state shall have legibly inscribed at the
foot of the first page a brief description of the true nature of the policy.
The legal minimum standard for the valuation of industrial policies issued
subsequent to the thirty-first day of December, in the year nineteen hun-
dred and eighteen, shall be the American Experience Table of Mortality
with interest at three and one-half per centum per annum.

The commissioner may, in his discretion, upon the request of any life
insurance company so reporting to him, cause the net value of all or any
number of the policies in force in such company to be calculated upon a
higher basis of reserve than that prescribed above by the assumption of a
lower rate of interest than that prescribed, or the assumption of a higher
rate of mortality by the substitution of the Actuaries' Table for the Ameri-
can Experience Table of Mortality or otherwise as the circumstances of
the case may require; provided that in no case shall the net value so ascer-
tained and taken as a basis of reserve be less than that determined by the
standard of valuation above prescribed; and in every certificate of the
valuation of policies issued by the commissioner the basis upon which the
valuation is calculated shall be stated.

The commissioner shall accept the valuation made by the insurance
commissioner of the state under whose authority a life insurance company
is organized, or that of the state in which it may elect to have its policies
valued, when such valuations have been properly made on sound and recog-
nized principles, and legal basis not less than that prescribed above; pro-
vided, that the company shall furnish to the insurance commissioner of
this state a certificate from the insurance commissioner of such state, set-
ting forth the value, calculated on the data designated above, of all the
policies in force in the company on the previous thirty-first day of Decem-
ber, and stating that the said company is fully authorized to do business
in its own state. Every life insurance company doing business in this state
during the year for which the statement is made that fails promptly to
furnish the certificate aforesaid shall be required to make a full detailed
list of its policies and securities to the insurance commissioner of this
state; who shall thereupon cause the same to be valued at the expense of
said company.

1922, ch. 492, sec. 81.

84. Valuation of Policies on Lives of Infants. Any company granting
insurance on the lives of persons under the age of ten years, and doing
business in the State of Maryland, or issuing policies on the lives of resi-
dents of this state, must value all its policies issued on the lives of persons
under the age of ten years, in accordance with the general legal rules for
the valuation of life insurance policies based on the mortality table known
as Farr's No. 3, for males; provided, that in no case shall the valuation
for the said policies on the lives of persons under ten years of age be less
than eight-tenths of the weekly gross or office premiums thereon, with no
credit for deferred net premiums.