Ch. 36

1995 LAWS OF MARYLAND

(II) ANY ORDINARY MORTALITY TABLE, ADOPTED AFTER 1980 BY
THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AND APPROVED BY A
REGULATION OF THE COMMISSIONER FOR USE IN DETERMINING THE MINIMUM
STANDARD OF VALUATION FOR THE POLICY.

(C)     SAME — INDUSTRIAL LIFE INSURANCE ISSUED ON STANDARD BASIS.

FOR AN INDUSTRIAL LIFE INSURANCE POLICY ISSUED. ON THE STANDARD
BASIS, EXCLUDING ANY DISABILITY AND ACCIDENTAL DEATH BENEFITS IN THE
POLICY, THE APPLICABLE TABLE FOR THE MINIMUM STANDARD FOR THE
VALUATION OF THE POLICY IS:

(1)      IF THE POLICY WAS ISSUED BEFORE THE OPERATIVE DATE OF §
15-308(D) [48A § 414(K)] OF THIS ARTICLE, THE 1941 STANDARD INDUSTRIAL
MORTALITY TABLE; AND

(2)      IF THE POLICY WAS ISSUED ON OR AFTER THE OPERATIVE DATE OF
§ 15-308(D) [48A § 414(K)] OF THIS ARTICLE:                                                                 

(I)      THE COMMISSIONERS 1961 STANDARD INDUSTRIAL
MORTALITY TABLE; OR

(II)     ANY INDUSTRIAL MORTALITY TABLE, ADOPTED AFTER 1980 BY
THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AND APPROVED BY
REGULATION OF THE COMMISSIONER FOR USE IN DETERMINING THE MINIMUM
STANDARD OF VALUATION FOR THE POLICY.

(D)     SAME — INDIVIDUAL ANNUITY CONTRACTS AND PURE ENDOWMENT
CONTRACTS.

FOR AN INDIVIDUAL ANNUITY CONTRACT OR PURE ENDOWMENT CONTRACT,
EXCLUDING ANY DISABILITY AND ACCIDENTAL DEATH BENEFITS IN THE
CONTRACT, THE APPLICABLE TABLE FOR THE MINIMUM STANDARD FOR THE
VALUATION OF THE CONTRACT IS, AT THE OPTION OF THE INSURER:

(1)      THE 1937 STANDARD ANNUITY MORTALITY TABLE;

(2)      THE ANNUITY MORTALITY TABLE FOR 1949, ULTIMATE: OR

(3)      A MODIFICATION OF A TABLE SPECIFIED BY ITEM (1) OR (2) OF THIS
SUBSECTION APPROVED BY THE COMMISSIONER.

(E)     SAME — GROUP ANNUITY CONTRACTS AND PURE ENDOWMENT
CONTRACTS.

FOR A GROUP ANNUITY CONTRACT OR PURE ENDOWMENT CONTRACT.
EXCLUDING ANY DISABILITY AND ACCIDENTAL DEATH BENEFITS IN THE
CONTRACT, THE APPLICABLE TABLE FOR THE MINIMUM STANDARD FOR THE
VALUATION OF THE CONTRACT IS:                       

(1) THE GROUP ANNUITY MORTALITY TABLE FOR 1951;

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