(b)

1. (1) Such minimum standards of valuation shall be:

   1. (A) as to all contracts for life insurance benefits issued prior to January first, nineteen hundred forty-eight, the American Experience Table of Mortality or the American Men Ultimate Table of Mortality with interest at three and one-half per centum,
   2. (B) as to all contracts for life insurance benefits issued on and after January first, nineteen hundred forty-eight, and prior to January first, nineteen hundred fifty-six, the American Experience Table of Mortality or the American Men Ultimate Table of Mortality with interest at three per centum, and
   3. (C) as to all contracts for life insurance benefits issued on and after January first, nineteen hundred fifty-six, the applicable mortality tables as specified in subsection (c) of section four thousand five hundred seventeen of this article.
2. (2) The deficient premium reserve as to all such contracts issued prior to January first, nineteen hundred forty-eight, shall be determined in the manner prescribed in subsection (b) of section four thousand five hundred seventeen of this article and as to all such contracts issued on and after January first, nineteen hundred forty-eight, shall be determined in the manner prescribed in section four thousand two hundred eighteen of this chapter.
3. (3) Such minimum standard of valuation as to all contracts for annuity benefits issued on and after January first, nineteen hundred forty-eight, shall be the 1937 Standard Annuity Mortality Table with interest at three per centum.

(d) The total life insurance expenses of any such society within the meaning of this section, shall include all expenses, made or incurred on its behalf with its permission or under any agreement with it, in the business of fraternal life insurance, except:

1. (1) taxes, licenses and fees,
2. (2) disbursements for altruistic, educational, fraternal or recreational activities which are made from funds collected solely for such purposes and in addition thereto disbursements for like purposes in an amount not exceeding one and one-half per centum of the premiums received for life insurance contracts during such calendar year,
3. (3) that portion of its total investment expenses not exceeding one-fourth of one per centum of the mean amount of its total invested assets during such calendar year,
4. (4) taxes and other outlays exclusively in connection with real estate and commissions, or salaries and expenses in lieu of commissions, on mortgage loans, and
5. (5) outlays representing the accrued liability for services rendered by the society's employees prior to coverage under employees pension plans.

(e) The total life insurance expense limit, within the meaning of this section, shall be the sum of the following items:

1. (1) seven per centum of all life insurance premiums received by such society during such calendar year,
2. (2) thirty-five per centum of all first year life insurance premiums received by such society during such calendar year,
3. (3) one hundred seventy-five one thousandths of one per centum of the aggregate amount of life insurance of such society in force at the beginning of such calendar year and of the aggregate amount of such insurance issued during, and in force at the end of, such calendar year,
4. (4) three-tenths of one per centum of the aggregate amount of life insurance of such society in force at the beginning of such calendar year and of the aggregate amount of such insurance issued during, and in force at the end of, such calendar year, and
5. (5) thirty-five one hundredths of one per centum of the aggregate amount of life insurance of such society issued during, and is in force at the end of, such calendar year, exclusive of additional insurance purchased by the application of certificate dividends.