758 LAWS OF MARYLAND. [CH. 379

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 valuation of industrial policies issued
subsequent to the thirty-first day of December, in the year
nineteen hundred and eighteen, shall be the American Experi-
ence Table of Mortality with interest at three and one-half
per centum per annum provided, that any company may value
its industrial policies on the basis of the Standard Industrial
or the Substandard Industrial Mortality Table, or such other
table or tables of Mortality as may be approved by the Com-
missioner.

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 American Experience Table of Mortality or otherwise
as the circumstances of the case may require; provided, that
in no case shall the net value so ascertained 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 valua-
tions have been properly made on sound and recognized prin-
ciples, and legal basis not less than that prescribed above;
provided, that the company shall furnish to the Insurance
Commissioner of this State a certificate from the Insurance
Commissioner of such state, setting 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 December, and
stating that the said company is fully authorized to do busi-
ness 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.

Section 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 Mary-