470 LAWS OF MARYLAND. [CH. 2!97

In the determination of the value of the policies, the calcu-
lations may be made either seriatim or of the policies in
groups, using approximate averages for fractions of the year;
and in all certificates of valuation issued by the Insurance
Commissioner or accepted by him under the provisions of this
section, the basis upon which the valuation has been made
shall be expressed.

All policies of life insurance issued in this State shall con-
tain a clause specifying the basis upon which the reserve is
calculated; and every policy of life insurance issued in this
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, according to the level net premium
method or in accordance with their terms by the modified
preliminary term method hereinabove described, provided, that
any company may value its industrial policies on the basis of
the Standard Industrial or the Substandard Industrial Mor-
tality Table, or such other table or tables of Mortality as may
be approved by the Commissioner, according to the level net
premium method or in accordance with their terms by the
modified preliminary term method hereinabove described.

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
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, calcu-