The standards for the valuation of reserve liabilities for life insurance, accident and health insurance and deposit-type contracts shall be subject to the following applicability provisions:

(1) The following shall apply to policies or contracts subject to this chapter that were issued on or after May 17, 1921, and prior to the operative date of the valuation manual:

(i) Section 7115 (relating to computation of minimum standard).

(ii) Section 7116 (relating to computation of minimum standard for annuities).

(iii) Section 7117 (relating to computation of minimum standard by calendar year of issue).

(iv) Section 7118 (relating to reserve valuation method for life insurance and endowment benefits).

(v) Section 7119 (relating to reserve valuation method for annuity and pure endowment benefits).

(vi) Section 7120 (relating to minimum reserves).

(vii) Section 7121 (relating to optional reserve calculation).

(viii) Section 7122 (relating to reserve calculation for valuation net premium exceeding gross premium charged).

(ix) Section 7123 (relating to reserve calculation for indeterminate premium plans).

(2) Except as otherwise provided in this chapter, section 7124 (relating to minimum standard for accident and health insurance contracts) shall apply to policies issued before, on or after the operative date of the valuation manual.

(3) The following shall not apply to policies or contracts subject to this chapter that were issued on or after May 17, 1921, and prior to the operative date of the valuation manual:

(i) Section 7125 (relating to valuation manual for policies issued on or after operative date of valuation manual).

(ii) Section 7126 (relating to requirements of principle-based valuation).

(4) Sections 7125 and 7126 shall apply to policies issued on or after the operative date of the valuation manual.