756                                          LAWS OF MARYLAND                        [Ch. 161

(i) For the first $14,000,000 of insurance or any

fractional part thereof..................................

..................................................$350.00

(ii) For each additional $1,000,000 of insurance or

fractional part thereof..................................

........................«..........................$2 5.00

83.

(3) This subsection shall apply to only those
policies and contracts issued on or after the operative
date of § 414 (the Standard Nonforfeiture Law), except as
otherwise provided in paragraph (a—2) of this subsection
for group annuity and pure endowment contracts issued
prior to such operative date.

(a—1) Except as otherwise provided in paragraph
(a—2) of this subsection, the minimum standard for the
valuation of all such policies and contracts shall be the
Commissioners reserve valuation method defined in
paragraph (b), three and one—half percent (3 1/2%)
interest, and the following tables:

(i) For all ordinary policies of life insurance
issued on the standard basis, excluding any disability
and accidental death benefits in such policies—the
Commissioners 1941 standard Ordinary Mortality Table for
such policies issued prior to the operative date of
subsection (j) of § 414, and the Commissioners 1958
Standard Ordinary Mortality Table for such policies
issued on or after such operative date; provided that for
any category of such policies issued on female risks all
modified net premiums and present values referred to in
this subsection may be calculated according to an age
[nor] NOT more than three years younger than the actual
age of the insured.

(ii) For all industrial life insurance policies
issued on the standard basis, excluding any disability
and accidental death benefits in such policies—the 1941
Standard Industrial Mortality Table for such policies
issued prior to the operative date of subsection (k) of §
414, and the Commissioners 1961 Standard Industrial
Mortality Table for such policies issued on or after such
operative date.

(iii) For individual annuity and pure endowment
contracts, excluding any disability and accidental death
benefits in such policies—the 1937 Standard Annuity
Mortality Table or, at the option of the insurer, the
Annuity Mortality Table for 1949, Ultimate, or any
modification of either of these tables approved by the
Commissioner.