J. MILLARD TAWES, GOVERNOR                         235

[All adjusted premiums and present values referred to in this
section shall be calculated on the basis of the Commissioners 1941
Standard Ordinary Mortality Table for ordinary insurance and the
1941 Standard Industrial Mortality Table for industrial insurance
and the rate of interest, not exceeding three and one-half per cent
(3½%) per annum, specified in the policy for calculating cash
surrender values and paid-up nonforfeiture benefits.]

Except as otherwise provided in subsection (4A), all adjusted
premiums and present values referred to in this section shall for all
policies of Ordinary Insurance be calculated on the basis of the Com-
missioners 1941 Standard Ordinary Mortality Table, provided that
for any category of Ordinary Insurance issued on female risks,
adjusted premiums and present values may be calculated according
to an age not more than three years younger than the actual age of
the insured. Such calculations for all policies of industrial insurance
shall be made on the basis of the 1941 Standard Industrial Mortality
Table. All calculations shall be made on the basis of the rate of in-
terest, not exceeding three and one-half per cent (3½%) per annum,
specified in the policy for calculating cash surrender values and paid-
up non-forfeiture benefits. Provided, however, that in calculating
the present value of any paid-up term insurance with accompanying
pure endowment, if any, offered as a non-forfeiture benefit, the rates
of mortality assumed may be not more than one hundred and thirty
per cent (130%) of the rates of mortality according to such applicable
table. Provided, further, that for insurance issued on a substandard
basis, the calculation of any such adjusted premiums and present
values may be based on such other table of mortality as may be speci-
fied by the company and approved by the commissioner.

(4A) In the case of Ordinary policies issued on or after the op-
erative date of this subsection (4A) as defined herein, all adjusted
premiums and present values referred to in this section shall be cal-
culated on the basis of the Commissioners 1958 Standard Ordinary
Mortality Table and the rate of interest, not exceeding three and one-
half per cent (3½%) per annum, specified in the policy for calculat-
ing cash surrender values and paid-up non-forfeiture benefits, pro-
vided that for any category of Ordinary insurance issued on female
risks, adjusted premiums and present values may be calculated ac-
cording to an age not more than three years younger than the actual
age of the insured. Provided, however, that in calculating the present-
value of any paid-up term insurance with accompanying pure endow-
ment, if any, offered as a non-forfeiture benefit, the rates of mortality
assumed may be not more than those shown in the Commissioners
1958 Extended Term Insurance Table. Provided, further, that for in-
surance issued on a substandard basis, the calculation of any such
adjusted premiums and present values may be based on such other
table of mortality as may be specified by the company and approved
by the Commissioner.

After the effective date of this subsection (4A), any company may
file with the Commissioner a written notice of its election to comply
with the provisions of this section after a specified date before
January 1,1966. After the filing of such notice, then upon such speci-
fied date (which shall be the operative date of this subsection for
such company), this subsection shall become operative with respect
to the Ordinary policies thereafter issued by such company. If a