BLAIR LEE III, Acting Governor

1557

modification of either of these tables approved by the

Commissioner.

(iv) For group annuity and pure endowment contracts,
excluding any disability and accidental death benefits in
such policies—the Group Annuity Mortality Table for 1951,
any modification of such table approved by the Commissioner,
or, at the option of the insurer, any of the tables or
modifications of tables specified for individual annuity and
pure endowment contracts.

(v) For total and permanent disability benefits in or
supplementary to ordinary policies or contracts—for
policies or contracts issued on or after January 1, 1966,
the tables of Period 2 disablement rates and the 1930 to
1950 termination rates of the 1952 Disability Study of the
Society of Actuaries, with due regard to the type of
benefit; for policies or contracts issued on or after
January 1, 1961 and prior to January 1, 1966, either such
tables or, at the option of the insurer, the Class (3)
Disability Table (1926); and for policies issued prior to
January 1, 1961, the Class (3) Disability Table (1926). Any
such table shall, for active lives, be combined with a
mortality table permitted for calculating the reserves for
life insurance policies.

(vi) For accidental death benefits in or supplementary
to policies—for policies issued on or after January 1,
1966, the 1959 Accidental Death Benefits Table; for policies
issued on or after January 1, 1961, and prior to January 1,
1966, either such table or, at the option of the insurer,
the Intercompany Double Indemnity Mortality Table; and for
policies issued prior to January 1, 1961, the Intercompany
Double Indemnity Mortality Table. Either table shall be
combined with a mortality table permitted for calculating
the reserves for life insurance policies.

(vii) For group life insurance, life insurance issued
on the substandard basis and other special benefits—such
tables as may be approved by the Commissioner.

414.

(j) In the case of ordinary policies issued on or
after the operative date of this subsection as defined
herein, all adjusted premiums and present values referred to
in this section shall be calculated on the basis of the
Commissioners 1958 Standard Ordinary Mortality Table and the
rate of interest[ , not exceeding three and one—half per cent
(3 1/2) per annum,] specified in the policy for calculating
cash surrender values and paid—up nonforfeiture benefits,
PROVIDED THAT SUCH RATE OF INTEREST SHALL NOT EXCEED THREE
AND ONE-HALF PERCENT (3 1/2% PER ANNUM EXCEPT THAT A RATE OF
INTEREST NOT EXCEEDING FOUR PERCENT (4%) PER ANNUM MAY BE
USED FOR POLICIES ISSUED ON OR AFTER THE EFFECTIVE DATE OF
THIS AMENDATORY ACT OF 1977 1978 AND PRIOR TO JANUARY 1,
1986, and any differential based on sex shall reflect
actuarial expectancies and shall be subject to approval by