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(a) The minimum standard for the valuation of policies and contracts issued before March 29, 1968 is the minimum standard provided by the laws in effect immediately before March 29, 1968.
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(b) Notwithstanding any other requirements as provided in this subchapter, the Standard Valuation Law adopted on March 29, 1968 and encoded at title 22 Virgin Islands Code, section 513 is applicable to the reserves required under all policies issued before the effective date of this subchapter.