3892

VETOES

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-1)(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.

(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
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, every paid-up nonforfeiture
benefit and the amount of any cash surrender value, loan or other
option granted shall not be less than the corresponding amount
ascertained in accordance with the provisions of the laws of this
State applicable to life insurers issuing policies containing
like insurance benefits based upon such tables.

339.

(J) NOTWITHSTANDING THE PROVISIONS OF THIS SECTION, A
SOCIETY, WITH THE APPROVAL OF THE COMMISSIONER, MAY USE THE