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136
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LAWS OF MARYLAND.
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Valuation of
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surance company doing business in this State, or-
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Policies
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ganized by authority of this State, and of every other
ife Insurance Company doing business in this State,
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that shall fail to furnish him, as hereinafter provided,
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a certificate of the Insurance Commissioner of the
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State by whose authority the company was organ-
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ized, or of the State in which it may elect to have
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its policies valued and its deposit made, in case the
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company is chartered by the government of the
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United States, or by any foreign Government, or by
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any State not having an Insurance Department, giv-
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ing the net value of all policies in force in the com-
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pany on the thirty-first day of December of the pre-
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ceding year, which calculation of the net value of
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American
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each policy shall be based upon the " American Ex-
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experience
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perience Table of Mortality and four and one-half
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table and 4 1/2
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per cent, interest per annum ; and the net value of
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per cent.
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a policy at any time shall be taken to be the single
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Net value
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net premium which will at that time effect the in-
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of policy.
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surance, less the value at that time of the future net
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premiums payable upon the policy, as determined
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by the table of mortality and rate of interest desig-
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nated above.
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Valuation to
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Third. The Insurance Commissioner shall accept
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be accepted
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the valuation made by the Insurance Commissioner
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of the State, under whose authority a Life Insurance
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Company is organized, or that of the State in which
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it may elect to have its policies valued, when such
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valuations have been properly made on sound and
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recognized principles, and legal basis not less than
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that prescribed above ; provided, that the company
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Company to
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shall furnish to the Insurance Commissioner of this
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famish cer-
tificate.
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State, a certificate from the Insurance Commissioner
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of such State, setting forth the value, calculated on
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the data designated above, of all the policies in force
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in the company on the previous thirty-first day of
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December, and stating that said company is fully
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authorized to do business in its own State; and
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every Life Insurance Company doing business in
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this State during the year for which the statement is
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made, that fails promptly to furnish the certificate
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Detailed list
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aforesaid, shall be required to make a full detailed
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of policies and
securities in
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list of its policies and securities to the Insurance
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certain cases.
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Commissioner of this State, who shall thereupon
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cause the same to be valued at the expense of said
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company.
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