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59
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HARRY HUGHES, Governor
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(d) The following boards and related statutes and
regulations shall be evaluated, by July 1, 1983:
(14) Advisory Council on Prevailing Wage Rates [(Art.
100, § 106)] (ART. 21, § 8-513);
(15) Amusement Ride Safety Advisory Board (ART. 89, §
69);
Article 48A - Insurance Code
83.
(2) This subsection shall apply only to those policies and.
contracts issued prior to the operative date of § 414 (the
Standard Nonforfeiture Law FOR LIFE INSURANCE).
The net value of all policies issued on or before the
thirty-first day of December, in the year nineteen hundred and
two, shall be based upon the American Experience Table of
Mortality, and four and one-half percent interest per annum; and
for all policies issued subsequent to said thirty-first day of
December, in the year nineteen hundred and two, and on or before
the thirty-first day of December, in the year nineteen hundred
and eighteen, upon the Actuaries Table of Mortality and four
percent interest per annum; and for all policies except
industrial issued subsequent to the thirty-first day of December
in the year nineteen hundred and eighteen, upon the American
Experience Table of Mortality or the American Men Ultimate Table
of Mortality and three and one-half percent interest per annum;
provided, that the Commissioner shall, upon the request of any
insurer, cause all policies of such insurer, issued subsequent to
the thirty-first day of December, in the year nineteen hundred
and eighteen, to be valued in accordance with the terms of the
policy contract, but in no case to be less than that determined
by the one-year preliminary term method of valuation, as
hereinafter modified, on the basis of the American Experience
Table of Mortality or The American Men Ultimate Table of
Mortality and three and one-half percent interest per annum. If
the premium charged for term insurance under a limited payment
life preliminary term policy providing for the payment of all
premiums thereon in less than twenty years from the date of the
policy, or under an endowment preliminary term policy, exceeds
that charged for like insurance under twenty-payment life
preliminary term policies of the same insurer, the reserve
thereon at the end of any year, including the first, shall net be
less [then] THAN the reserve of a twenty-payment life preliminary
term policy issued in the same year and at the same age, together
with an amount which shall be equivalent to the accumulation of a
net level premium sufficient to provide for a pure endowment at
the end of the premium payment period equal to the difference
between the value at the end of such period of such a
twenty-payment life preliminary term policy and the full net
level premium reserve at such time of such a limited payment life
or endowment policy. The premium payment period is the period
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