ALBERT C. RITCHIE, GOVERNOR. 1175

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 re-
serve be less than that determined by the standard of valua-
tion 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 in-
surance 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 recognized principles,
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 desig-
nated 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 business in its own state.
Every life insurance company doing business in this state dur-
ing the year for which the statement is made that fails prompt-
ly 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.

SEC. 81. Valuation of Policies on Lives of Infants. Any
company granting insurance on the lives of persons under
the age of ten years, and jd°mg business in the State of Mary-
land, or issuing policies on the lives of residents 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 mor-
tality 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 agre be less than eight-tenths of
the weekly gross or office premiums thereon, with no credit
for deferred net premiums.

SEC. 82. Valuation of Securities. All bonds and other evi-
dences of debt held by any life insurance corporation author-
ized to do business in this state, may, if amply secured and not
in default as to principal or interest, be valued for any and