Rule 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.Ga. Comp. R. & Regs. R. 120-2-5-.01
O.C.G.A. Sections 31-22-9.2, 33-2-9 and 33-42-6.
Original Chapter 120-2-5 was filed on July 20, 1965 and contained Rules 120-2-5-.01 through 120-2-5-.09. Chapter 120-2-5 was amended by the repeal of the Original Chapter 120-2-5 and by the adoption of a new Chapter 120-2-5 containing Rules 120-2-5-.01 through 120-2-5-.10. As far as the titles of the said Rules are concerned, the Original Rules .01 through .09 correspond basically to the titles of the new Rules 120-2-5-.02 through .10 and Rules 120-2-5-.01 was newly adopted. The amendment to Chapter 120-2-5 was filed on December 3, 1965; effective December 22, 1965. Since the amendments were filed before the original printing of the Official Compilation Rules and Regulations of the State of Georgia, said amendments were included in the first printing of the Official Compilation. Therefore, in 1971 when the Official Compilation was revised, Chapter 120-2-5 was not reprinted, except for pages 183 and 184 which were reprinted to include this Editor's Note.Amended: Chapter repealed and a new chapter of the same title adopted. Filed January 17, 1989; effective February 15, 1989, as specified by the agency.