Indiana Code 27-1-13-4. Valuation of bonds and securities
(b) Securities held by an insurer, other than those referred to in subsection (a), shall be valued, in the discretion of the department, at their market value or at their appraised value or at prices determined by the department as representing the fair market value of the securities. Preferred or guaranteed stocks or shares, while paying full dividends, may be carried at a fixed value in lieu of market value at the discretion of the department and in accordance with the method of valuation that the department approves. No valuation under this subsection may be inconsistent with the applicable valuation or method specified in the Accounting Practices and Procedures Manual.
Formerly: Acts 1935, c.162, s.172a. As amended by P.L.130-1994, SEC.20; P.L.116-1994, SEC.27; P.L.124-2018, SEC.31.
Terms Used In Indiana Code 27-1-13-4
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3