33-2-532. Valuation of bonds. (1) (a) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows:
     (i) if purchased at par, at the par value;
     (ii) if purchased above or below par, on the basis of the purchase price adjusted to bring the value to par at maturity and to yield in the meantime the effective rate of interest at which the purchase was made or, in lieu of this method, according to an accepted method of valuation as is approved by the commissioner by rule.
     (b) Purchase price may not be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage, or express charges paid in the acquisition of the securities.
     (c) Unless otherwise provided by valuation established or approved by the commissioner, a security may not be carried at above the call price for the entire issue during any period within which the security may be so called.
     (2) The commissioner has full discretion in determining the method of calculating values according to the rules set forth in this section.

     History: En. Sec. 94, Ch. 286, L. 1959; R.C.M. 1947, 40-3013; amd. Sec. 41, Ch. 596, L. 1993.