2410

LAWS OF MARYLAND

Ch. 399

policies issued on or after the operative date of subsection (j)
of § 414 and prior to the operative date of subsection (k-1) of §
414, 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 not more than 6 years younger than the actual age of the
insured; and for policies issued on or after the operative date
of subsection (k-1) of § 414(a) the Commissioners 1980 Standard
Ordinary Mortality Table, or (b) at the election of the insurer
for any one or more specified plans of life insurance, the
Commissioners 1980 Standard Ordinary Mortality Table with 10 year
select mortality factors, or (c) any ordinary mortality table,
adopted after 1980 by the National Association of Insurance
Commissioners and approved by regulation promulgated by the
Commissioner for use in determining the minimum standard of
valuation for such policies.

326.

(b) (1) In the case of certificates other than those for
which reserves are computed on the Commissioners 1941 Standard
Ordinary Mortality Table, the 1941 Standard Industrial Table or
the Commissioners 1958 Standard Ordinary Mortality Table, OR ANY
MORTALITY TABLE WHICH IS AUTHORIZED FOR USE UNDER § 83(3)(A-l)(I)
OF THIS ARTICLE FOR POLICIES ISSUED ON OR AFTER THE OPERATIVE
DATE OF § 414(K-1) OF THIS ARTICLE, after premiums have been paid
for three (3) full years or for such lesser periods as the
contract may provide, the value of every paid-up nonforfeiture
benefit and the amount of any cash surrender value, loan or other
option granted shall not be less than the excess, if any, of (i)
over (ii) as follows:

(i) The reserve under the certificate

determined on the basis specified in the certificate; and

(ii)     The sum of any indebtedness to the society

on the certificate,      including interest due and accrued, and a

surrender charge equal   to two and one half percent (2 1/2%) of

the face amount of     the certificate, which, in the case of

insurance on the lives   of children, shall be the ultimate face
amount of the certificate, if death benefits provided therein are
graded.

(2) However, in the case of certificates issued on a
substandard basis or in the case of certificates, the reserves
for which are computed upon the American Men Ultimate Table of
Mortality, the term of any extended insurance benefit granted
including accompanying pure endowment, if any, may be computed
upon the rates of mortality not greater than one hundred thirty
percent (130%) of those shown by the mortality table specified in
the certificate for the computation of the reserve.

(c)   In the case of certificates for which reserves are
computed on the Commissioners 1941 Standard Ordinary Mortality
Table, the Commissioners 1941 Standard Industrial Table, [or] the