Ga. Comp. R. & Regs. R. 120-2-5-.01 - Establishing Values
(1) Each insurer reporting stocks and bonds
as admitted assets in its annual statement shall be responsible for
establishing a value for such securities. Except as otherwise provided by law,
the procedures for establishing such values where applicable shall be as
follows:
(a) Other than the nonadmissible
exceptions listed in paragraph (2) of this Rule, values must comply with the
rules for valuation contained in the National Association of Insurance
Commissioner's valuation of Securities Task publication, Valuation of
Securities, for the applicable year.
(b) Securities not listed in the National
Association of Insurance Commissioner's Committee on Valuation of Securities
publication Valuation of Securities shall have no value,
unless, upon application to such Committee on Valuation of Securities and
submission of all relevant material required by the committee, and such
committee establishes a value for the securities.
(2) Except as otherwise provided by law, the
nonadmissible exceptions to paragraph (1) of this Rule include:
(a) Letters of credit issued by banks for
reinsurance purposes;
(b) Put and
call options;
(c) Futures
contracts; and
(d) Any other
securities not admissible as assets under O.C.G.A. Title 33.
Notes
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