Section R. 500.858 - Separate accounts; valuation of assetsRule 18. The following apply to valuation of assets of a separate account for variable life insurance:
(a) Investments of the separate account shall be valued at their market value on the date of valuation. Market value for investments traded on the recognized exchanges means the last reported sale price on the date of valuation. If there has been no sale on that date, the market value means the last reported bid quotation on the date of valuation. Market value for investments listed on the NASDAQ system means the last representative bid quotation on the valuation date. If an investment ceases to be listed but continues to be traded over the counter, it shall be valued at the lowest bid quotation as it appears on the national quotation bureau sheets.(b) If the valuation date referred to in subdivision (a) above is a day when the exchange or the NASDAQ system is not open for business, the valuation date shall be the last date when the exchange or the NASDAQ system was open for business.(c) If an investment ceases to be traded, it shall be valued at fair value as determined in good faith by, or at the direction of, the committee of the separate account, or if there is no such committee, the board of directors of the insurer, but not in excess of the last reported bid quotation. Within 30 days notification of cessation of trading of any investment shall be reported by the insurer to the commissioner of the state of domicile of the insurer, who shall within a reasonable period of time determine the method of valuation or disposition of such investment.Mich. Admin. Code R. 500.858