ALBERT C. RITCHIE, GOVERNOR. 1173

SEC. 80. Valuation of Policies. AB soon as practicable in
each year, the actuary shall, under the supervision of the com-
missioneer, calculate the net value on the thirty-first day of
December of the previoue year, of all the policies and ad-
ditions thereto, and all obligations for the payment of annuities
in force on that day of each life insurance company 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 provided, 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, in the year Nineteen hundred and two, be based upon
the American Experience Table of Mortality, and four and one-
half per cent, interest per annum; and for all policies issued sub-
sequent to said thirty-first day of December, in the year nine-
teen hundred and two, and on or before the thirty-first day of
December, in the year nineteen hundred and eighteen, upon the
Actuaries Table of Mortality, and four per cent, interest per
annum; and for all policies, except industrial, issued subsequent
to the thirty-first day of December, in the year nineteen hundred
and eighteen, upon the American Experience Table of Mortality
and three and one-half per cent, interest per annum; provided,
that the insurance commissioner shall, upon the request of any
company, cause all policies of such company issued subsequent
to the thirty-first day of December, in the year nineteen hun-
dred and eighteen, to be valued in accordance with the terms
of the policy contract, but in no case to be less than that de-
termined by the one year term method of valuation, as herein-
after modified, on the basis of the American Experience Table
of Mortality and three and one-half per cent, interest per
annum. If the premium charged for term insurance under a
limited payment life preliminary term policy providing for the
payment of all premiums thereon in less than twenty years
from the date of the policy, or under an endowment prelimin-
ary term policy, exceeds that charged for like insurance under
twenty payment life preliminary term policies of the same com-
pany, the reserve thereon at the end of any year, including the
first, shall not be less than the reserve of a twenty payment life
preliminary term policy issued in the same year and at the same