Section 402:30 - Valuation of Securities Investments shall be valued as follows:
I. Securities held in accordance with the provisions of this subdivision shall be valued in accordance with the published valuation standards of the Securities Valuation Office of the National Association of Insurance Commissioners.II. Securities as to which the National Association of Insurance Commissioners has not published valuation standards in its Valuation of Securities Manual, or its successor publication, shall be valued as follows: (a) As obligations having a fixed term and rate shall, if not in default as to principal or interest, be valued as follows: if purchased at par, at the par value; if purchased at 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.(b) Common, preferred, except sinking fund preferred stock valued under subparagraph (c), or guaranteed stocks, shall be valued at their market value or at the option of the company, they may be valued at purchase price if purchase price is less than market value. (c) Sinking fund preferred stocks which are subject to mandatory redemption shall be valued at cost.(d) Any investment that is not valued by standards published by the National Association of Insurance Commissioners may be submitted by the company to the Securities Valuation Office for valuation, which valuation shall govern.(e) No other investment shall be valued at more than its purchase price. Purchase price for real property includes capitalized permanent improvements, less depreciation spread evenly over the life of the property or, at the option of the company, less depreciation computed on any basis permitted under the United States Internal Revenue Code of 1986, as amended and regulations thereunder. Such investments that have been affected by permanent declines in value shall be valued at not more than their market value.(f) Any investment, including real property, not purchased by a company, but acquired in satisfaction of a debt or otherwise shall be valued in accordance with the applicable procedures for that type of investment contained in this section. For purposes of applying the valuation procedures, the purchase price shall be deemed to be the market value at the time the investment is acquired or in the case of any investment acquired in satisfaction of debt, the amount of the debt, including interest, taxes and expenses, whichever amount is less.(g) The eligibility of an investment shall be determined as of the date of its making or acquisition or the date of commitment in the case of commitment to invest.1887, 47:1. PS 168:5. 1917, 30:2. PL 273 :25. RL 323:30. RSA 402:30. 1991, 372:5. 1992, 288:13, 14, eff. Jan. 1, 1993.