PARRIS N. GLENDENING, Governor                                   Ch. 11

(1)      THIS SUBSECTION APPLIES TO POLICIES OF ORDINARY LIFE
INSURANCE ISSUED:

(I)       ON OR AFTER JANUARY 1, 1966, BUT BEFORE THE OPERATIVE
DATE OF § 16-309 OF THIS SUBTITLE; OR

(II)     ON AN OPERATIVE DATE FROM JUNE 2, 1959, TO DECEMBER 31,
1965, BOTH INCLUSIVE, AS SPECIFIED BY THE INSURER IF THE INSURER FILED WITH
THE COMMISSIONER WRITTEN NOTICE OF AN ELECTION TO COMPLY WITH THIS
SUBSECTION ON A DATE BEFORE JANUARY 1, 1966.

(2)      FOR POLICIES OF ORDINARY LIFE INSURANCE, THE ADJUSTED
PREMIUMS AND PRESENT VALUES REFERRED TO IN THIS SUBTITLE SHALL BE
CALCULATED BASED ON 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.

(3)      ADJUSTED PREMIUMS AND PRESENT VALUES SHALL BE
CALCULATED AT AN INTEREST RATE SPECIFIED IN THE POLICY FOR CALCULATING
CASH SURRENDER VALUES AND PAID-UP NONFORFEITURE BENEFITS, NOT
EXCEEDING A RATE OF:

(I)       3.5% PER YEAR FOR POLICIES ISSUED ON OR BEFORE JUNE 30,
1978;

(II)     4% PER YEAR FOR POLICIES ISSUED FROM JULY 1,1978 TO JUNE
30, 1980, BOTH INCLUSIVE; OR

(III)    5.5% PER YEAR FOR POLICIES ISSUED ON OR AFTER JULY 1,
1980.

(4)      ADJUSTED PREMIUMS AND PRESENT VALUES CALCULATED FOR
ANY CATEGORY OF ORDINARY LIFE INSURANCE ISSUED ON FEMALE RISKS MAY BE
CALCULATED ACCORDING TO AN AGE NOT MORE THAN 6 YEARS YOUNGER THAN
THE ACTUAL AGE OF THE INSURED.

(5)      IN THE CALCULATION OF THE PRESENT VALUE OF PAID-UP TERM
INSURANCE WITH ANY ACCOMPANYING PURE ENDOWMENT OFFERED AS A
NONFORFEITURE BENEFIT, THE RATES OF MORTALITY ASSUMED MAY NOT EXCEED
THE RATES IN THE COMMISSIONERS 1958 EXTENDED TERM INSURANCE TABLE.

(6)      IN THE CALCULATION OF ADJUSTED PREMIUMS AND PRESENT
VALUES FOR INSURANCE ISSUED ON A SUBSTANDARD BASIS, THE ADJUSTED
PREMIUMS AND PRESENT VALUES MAY BE CALCULATED BASED ON ANOTHER
MORTALITY TABLE SPECIFIED BY THE INSURER AND APPROVED BY THE
COMMISSIONER.

(D) 1961 STANDARD INDUSTRIAL MORTALITY TABLE.

(1) THIS SUBSECTION APPLIES TO POLICIES OF INDUSTRIAL LIFE
INSURANCE ISSUED:

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