710 LAWS OF MARYLAND. [CH. 561

policies of a life insurance company, organized under the laws
of this State, when issued or delivered in any other State, ter-
ritory, or foreign country, may contain any provision required
by the laws of such State, territory, or foreign country, to be
contained in the policies issued therein.

SEC. 2. And be it further enacted, As aforesaid, that two
new sections be and are hereby added to said Article 48A, title
"Insurance", sub-title "Life, Accident and Health Insurance",
to follow immediately after Section 130 and to be known as
Sections 130A and 130B, respectively, and to read as follows:

130A. NON-FORFEITURE BENEFITS IN INDUSTRIAL LIFE INSUR-
ANCE POLICIES ISSUED PRIOR TO THE OPERATIVE DATE OF SECTION
130B. This section shall apply only to policies of industrial
life insurance issued prior to the operative date of Section
130B (the Standard Non-forfeiture Law).

The non-forfeiture benefit referred to in Sub-section (F) of
Section 128 shall be available to the insured in event of default
in premium payments, after premiums shall have been paid
for five full years, and shall be a stipulated form of insurance
effective from the due date of the defaulted premium, the net
value of which stipulated form of insurance shall not be less
than the reserve on the policy at the end of the last completed
quarter of the policy year for which premiums have been paid,
and on dividend additions thereto, if any, exclusive of any re-
serve on total and permanent disability and additional acci-
dental death benefits (the policy to specify the mortality table,
rate of interest and method of valuation adopted for computing
such reserve, if other than the net level premium method),
less a specified maximum percentage (not more than two and
one-half) of the maximum amount insured by the policy and
of existing dividend additions thereto, if any, and less any
existing indebtedness to the company on or secured by the
policy. Provided, however, that after premiums have been
paid for ten full years, the policy may be surrendered to the
company at its home office, within the period of grace, after the
due date of the defaulted premium, for a specified cash value at
least equal to the sum which would otherwise be available for
the purchase of insurance as aforesaid; and provided, further,
that the company may defer payment for not more than six
months after the application therefor is made. In the event
that such application is not made within the required period,
it shall be provided that a stipulated form of insurance shall
automatically become effective. This section shall not apply
to Term insurance of twenty years or less.

130B. STANDARD NON-FORFEITURE LAW. (1) In the case
of policies issued on or after the operative date of this section,