ART. 23] INSURANCE COMMISSIONER. 599

cable in each year, he shall cause to be calculated by the actuary
of his department, under his supervision, the net value, on the
thirty-first day of December of the previous year, of all the
policies and additions thereto, and all obligations for the pay-
ment of annuities in force on that day of each life insurance com-
pany doing business in this State organized by authority of this
State, and every other life insurance company doing business
in this State, that shall fail to furnish him, as hereinafter pro-
vided, from the insurance commissioner of the State by whose
authority the company was organized, or of the State in which
it may elect to have its policies valued and its deposits made;
in case the company is chartered by the government of the
United States, or by any foreign government, or by any State
not having an insurance department, a certificate giving the
net value of all policies in force in the company on the thirty-
first day of December of the preceding year, which calculation
of the net value of the policies in force shall, for all policies
issued on or before the thirty-first day of December, in the
year 1902, be based upon the "American Experience Table of
Mortality," and four and one-half per cent, interest per annum,
and for all policies issued subsequent to said thirty-first day of
December, in the year nineteen hundred and two, upon the
acturies' table of mortality, and four per cent, interest per
annum; provided, that the insurance commissioner may, upon
the request of any company, cause all the policies of such
company to be valued upon the latter basis; and provided fur-
ther, that any policies which contain any promise or agreement
for the purchase of the policy at any date prior to its maturity
or its termination by death for a sum in excess of the value of
the policy at such date determined according to the standard of
valuation herein prescribed for such policy, then and in every
such case the value of policies containing such promises and
agreement shall be calculated in such manner and upon such
assumptions as to rate of interest and mortality, that the value
of the policy so calculated shall at no time be less than the
amount stipulated therein, to be paid upon surrender of the
policy at the date then attained, and for the purpose of such
valuation the standard adopted by the company for the valuation
of such obligation may, if adequate, be employed; and in the
determinations of the values of the policies, the calculations
may be made either seriatim or of policies in groups, using
approximate averages for fractions of a year, and the net value
of a policy at any time shall be taken to be the net present