Except as provided in §§ 1114A, 1114B and 1120 of this title, the minimum standard for the valuation of policies and contracts issued prior to 1968, shall be that provided by the laws in effect immediately prior to 1968. Except as otherwise provided in §§ 1114A, 1114B and 1120 of this title, the minimum standard for the valuation of all policies and contracts issued on or after 1968 shall be the Commissioners reserve valuation methods defined in §§ 1115, 1115A, 1118 and 1120 of this title, 31/2% interest, or in the case of life insurance policies and contracts, other than annuity and pure endowment contracts, issued on or after June 21, 1973, 4% interest for policies issued prior to July 8, 1980, and 41/2% interest for all other policies issued on and after July 8, 1980, and the following tables:

(a) For ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in the policies:

(1) The Commissioners 1980 Standard Ordinary Mortality Table;

(2) At the election of the company for any 1 or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; or

(3) Any ordinary mortality table, adopted after 1980 by the NAIC, which is approved by regulation promulgated by the Commissioner for use in determining the minimum standard of valuation for such policies;

(b) For industrial life insurance policies issued on the standard basis, excluding any disability and accidental death benefits in the policies:

(c) For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies:

(d) For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies:

(e) For total and permanent disability benefits in or supplementary to ordinary policies or contracts:

(f) For accidental death benefits in or supplementary to policies issued on or after January 1, 1966:

(g) For group life insurance, life insurance issued on the substandard basis and other special benefits:

80 Del. Laws, c. 117, § 1.