36                                   Laws of Maryland                           [Ch. 26

(b) Anything in this section to the contrary notwithstanding, if
in the opinion of the Commissioner, any of the items of information
in the brief description called for in Subsection (a) of this section
are already contained on the first page of the contract and presented
conspicuously in tabular form thereon, then, except for (1) and (5)
in Sub-section (a) of this section, it will not be necessary that such
conspicuously presented information be embodied in such brief
description.

166. (Valuation of Policies.) (1) The Commissioner shall an-
nually value, or cause to be valued, the reserve liabilities (hereinafter
called reserves or net value) for all outstanding life insurance policies
and annuity and pure endowment contracts of every life insurance
company doing business in this State, and may certify the amount
of any such reserves, specifying the mortality table or tables, rate or
rates of interest and methods (net level premium method or other)
used in the calculation of such reserves. In calculating such reserves,
he may use group methods and approximate averages for fractions
of a year or otherwise. In lieu of the valuation of the reserves herein
required of any foreign or alien company, he may accept any valua-
tion made, or caused to be made, by the insurance supervisory of-
ficial of any state or other jurisdiction when such valuation complies
with the minimum standard herein provided and if the official of
such state or jurisdiction accepts as sufficient and valid for all legal
purposes the certificate of valuation of the Commissioner when such
certificate states the valuation to have been made in a specified
manner according to which the aggregate reserves would be at least
as large as if they had been computed in the manner prescribed by
the law of that state or jurisdiction.

Any such company which at any time shall have adopted any
standard of valuation producing greater aggregate reserves than
those calculated according to the minimum standard herein provided
may, with the approval of the Commissioner, adopt any lower stand-
ard of valuation, but not lower than the minimum herein provided.

[Every policy of life insurance issued in this State shall have
legibly inscribed at the foot of the first page a brief description of
the true nature of the policy.]

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1956.

Approved February 23, 1956.

CHAPTER 26
(Senate Bill 20)

AN ACT to repeal Section 192 of Article 48A of the Annotated Code
of Maryland (1951 Edition), title "Insurance", sub-title "Life,
Accident and Health Insurance", and to enact in lieu thereof a new

Explanation: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.