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Rules and Regulations of the State of Georgia
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Subject 120-2-5 VALUATION PROCEDURES AND INSTRUCTIONS FOR BONDS AND STOCKS

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.

Rule 120-2-5-.02 through 120-2-5-.10 Repealed