82(1)The valuation of contracts of life insurance issued by insurers incorporated and licensed under the law of the Province, except contracts of fraternal societies licensed under this Act, shall be based on the British Officers’ Life Tables, 1893, OM (5), and on a rate of interest of three and one-half per cent per annum; but any such insurer may, with the approval of the Superintendent, adopt the American Men Ultimate Table of Mortality AM (5), with interest at three and one-half per cent per annum for the valuation of contracts issued on and after January first, 1929.