Notwithstanding any other law, the mortality tables adopted by the National Association of Insurance Commissioners (NAIC) for life insurance contracts may be used by insurers to determine adjusted premiums, present values and reserve values, within any limitations of application as specified by NAIC. Mortality tables adopted by NAIC may be used by insurers pursuant to this section beginning on or after January 1 of the year following adoption by NAIC, unless the commissioner rejects the table by issuing a bulletin posted on the department's web site and mailed to all domestic companies holding a certificate of authority to write life insurance in the state. A mortality table rejected by the commissioner may be subsequently adopted or modified by the commissioner pursuant to a rulemaking in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.