If, in any policy year, the Guaranteed Maturity Premium on any universal life insurance policy is less than the valuation net premium for such policy, calculated by the valuation method actually used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for such contract shall be the greater of subparts (1) or (2) of this section:

For universal life reserves on a net level premium basis, the valuation net premium shall be PVFB/ax and for reserves on a Commissioners Reserve Valuation Method, the valuation net premium shall be (PVFB/ä_x) + ([(a)-(b)]/ä_x).