§431:5-308  Valuation of bonds.  (a) 
All bonds or other evidences of debt having a fixed term and rate held by any
insurer 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 of
the purchase price adjusted so as to bring the value to par at the earliest
date callable at par or maturing at par and so as to yield in the meantime the
effective rate of interest at which the purchase was made; or in lieu of such
method, according to such accepted method of valuation as is approved by the
commissioner.



(3)  Purchase price shall in no case 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
such securities.



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



(b)  The commissioner shall have full
discretion in determining the method of calculating values according to the
rules set forth in this section, not inconsistent with any such methods then
currently formulated or approved by the National Association of Insurance
Commissioners. [L 1987, c 347, pt of §2]