PARRIS N. GLENDENING, Governor

Ch. 57

SECTION 4. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article - Insurance

24-207.

(A) EACH POLICYHOLDER IS SUBJECT TO ASSESSMENT AS PROVIDED IN §§

3- 110, 3-111, AND 3-112 OF THIS ARTICLE.

(B) NOTWITHSTANDING SUBSECTION (A) OF THIS SECTION, IF THE SOCIETY
MEETS ALL APPLICABLE REQUIREMENTS OF THIS ARTICLE ABOUT THE SALE OF
NONASSESSABLE POLICIES, INCLUDING THE REQUIREMENTS OF §§ 4-104, 4-105, AND

4- 106 OF THIS ARTICLE, THE SOCIETY MAY ISSUE NONASSESSABLE POLICIES SUBJECT

TO:

(1) § 3-333 OF THIS ARTICLE;

(2) ALL OTHER APPLICABLE PROVISIONS OF THIS ARTICLE; AND

(3) THE CORPORATIONS AND ASSOCIATIONS ARTICLE.

SECTION 5. AND BE IT FURTHER ENACTED, That Section(s) 83(2) and 415
of Article 48A - Insurance Code of the Annotated Cede of Maryland be repealed and
reenacted, with amendments, and transferred to the Session Laws, to read as follows:

POLICIES AND CONTRACTS ISSUED BEFORE OPERATIVE DATE OF STANDARD
NONFORFEITURE LAW FOR LIFE INSURANCE

[83.] 1.

[(2)]This [subsection] SECTION shall apply only to those policies and contracts
issued prior to the operative date of [§ 414 (the Standard Nonforfeiture Law for Life
Insurance)] THE MARYLAND 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

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