3372

LAWS OF MARYLAND

Ch. 553

(h) [The] EXCEPT AS TO POLICIES ISSUED ON OR AFTER THE
EFFECTIVE OPERATIVE DATE OF SUBSECTION (K-1), THE adjusted
premiums for any policy providing term insurance benefits by
rider or supplemental policy provision shall be equal to (i)
the adjusted premiums for an otherwise similar policy issued
at the same age without such term insurance benefits,
increased during the period for which premiums for such term
insurance benefits are payable, or (ii) the adjusted
premiums for such term insurance, the foregoing items (i)
and (ii) being calculated separately and as specified in
subsections (f) and (g) except that, for the purposes of
subdivisions (2), (3) and (4) of subsection (f), the amount
of insurance or equivalent uniform amount of insurance used
in the calculation of the adjusted premiums referred to in
(ii) shall be equal to the excess of the corresponding
amount determined for the entire policy over the amount used
in the calculation of the adjusted premiums in (i).

(i) [Except] EXCEPT AS TO POLICIES ISSUED ON OR AFTER
THE EFFECTIVE OPERATIVE DATE OF SUBSECTION (K-1), AND EXCEPT
as otherwise provided in subsections (j) and (k), 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 Commissioners 1941 Standard
Ordinary Mortality Table, and any differential based on sex
shall reflect actuarial expectancies and shall be subject to
approval by the Commissioner and 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
interest, not exceeding three and one-half percent (3 1/2%)
per annum, specified in the policy for calculating cash
surrender values and paid-up nonforfeiture benefits.
Provided, however, that in calculating the present value of
any paid-up term insurance with accompanying pure endowment,
if any, offered as a nonforfeiture benefit, the rates of
mortality assumed may be not more than one hundred thirty
percent (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 specified by the insurer
and approved by the Commissioner.

(j) [In] EXCEPT AS TO ORDINARY POLICIES ISSUED ON OR
AFTER THE EFFECTIVE OPERATIVE DATE OF SUBSECTION (K-1), 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 specified in the policy for calculating
cash surrender values and paid-up nonforfeiture benefits,
provided that such rate of interest may not exceed 3 1/2
percent per annum except that a rate of interest not