2005 Idaho Code - 41-613 — VALUATION OF BONDS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 6
                            ASSETS AND LIABILITIES
    41-613.  VALUATION OF BONDS. (1) 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:
    (a)  If purchased at par, at the par value.
    (b)  If purchased above or below par, on the basis of the purchase price
    adjusted so as to bring the value to par at maturity 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 generally accepted
    method of valuation elected by the insurer and approved by the director.
    (c)  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.
    (d)  Unless otherwise provided by valuation established or approved by the
    director, no such security shall be carried at above the call price for
    the entire issue during any period within which the security may be so
    called.
    (2)  The director shall have full discretion in determining the method of
calculating values according to the rules set forth in this section, but no
such method or valuation shall be inconsistent with any applicable valuation
method used by insurers in general, or any such method then currently
formulated or approved by the national association of insurance commissioners
or its successor organization.