Or. Admin. Code § 410-141-5090 - ASSET VALUATION AND PERMITTED INVESTMENTS: Calculation of Value; Books and Records
(1)
Securities held by a CCO, other than bonds or other evidences of debt to which
OAR 410-141-5095, applies, must be
valued in the discretion of the Authority at their market value, at their
appraised value or at prices determined by the Authority as representing their
fair market value.
(2) Preferred or
guaranteed stocks or shares while paying full dividends may be carried at a
fixed value instead of market value, at the discretion of the Authority and in
accordance with any method of valuation approved by the Authority.
(3) Stock of a subsidiary corporation of a
CCO may not be valued at an amount in excess of the net value thereof as based
upon the assets only of the subsidiary that would be eligible under OAR
410-141-5095 to
410-141-5140 for investment of
the funds of the CCO directly.
(4)
The Authority may determine the method of calculating values as provided in
this section, but the method or valuation may not be inconsistent with any
applicable method or valuation used by CCOs in general or any such method of
valuation then currently formulated or approved by the NAIC or its successor
organization.
(5) Assets may be
allowed as deductions from corresponding liabilities, liabilities may be
charged as deductions from assets, deductions from assets may be charged as
liabilities, and deductions from liabilities may be allowed as assets, in
accordance with the form of annual statement prescribed by the Authority, or
otherwise in the discretion of the Authority.
(6) A CCO shall keep its books, records,
accounts and transaction source data in such manner that the Authority may
readily verify its statements of financial condition and ascertain whether the
CCO is unimpaired, has given proper treatment to Members and has complied with
state and federal law.
Notes
Statutory/Other Authority: ORS 413.042, 414.572, 414.591 & 414.605
Statutes/Other Implemented: ORS 414.570-414.686 & 415.001-415.430
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