§431:5-308  Valuation of bonds.  (a) All bonds or other evidences of debt having a fixed term and rate held by anyinsurer may, if amply secured and not in default as to principal or interest,be valued as follows:

(1)  If purchased at par, at the par value.

(2)  If purchased above or below par, on the basis ofthe purchase price adjusted so as to bring the value to par at the earliestdate callable at par or maturing at par and so as to yield in the meantime theeffective rate of interest at which the purchase was made; or in lieu of suchmethod, according to such accepted method of valuation as is approved by thecommissioner.

(3)  Purchase price shall in no case be taken at ahigher figure than the actual market value at the time of purchase plus actualbrokerage, transfer, postage, or express charges paid in the acquisition ofsuch securities.

(4)  Unless otherwise provided by a valuationestablished or approved by the National Association of Insurance Commissioners,no such security shall be carried at above call price for the entire issueduring any period within which the security may be so called.

(b)  The commissioner shall have fulldiscretion in determining the method of calculating values according to therules set forth in this section, not inconsistent with any such methods thencurrently formulated or approved by the National Association of InsuranceCommissioners. [L 1987, c 347, pt of §2]