§ 26.1-03-02.1 — Valuation of securities and other investments

North Dakota § 26.1-03-02.1

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-03: Examinations, Reports, and Tax

Text

1. All securities and investments of insurance companies must be valued in accordance
with published valuation standards of the national association of insurance
commissioners including the accounting practices and procedure manuals and
publications by the valuation of securities office of the national association of insurance
commissioners.
2. All investments of insurance companies authorized to do business in this state, for
which no method of valuation has been otherwise provided, must be valued in the
discretion of the commissioner at their fair market value, appraised value, or at
amounts determined by the commissioner as their fair market value. If any valuation of
an investment by an insurer appears to be an unreasonable estimate of its true value,
the commissioner has the authority to cause the investment to be appraised, and the
appraised value must be substituted as the true value. The appraisal must be made by
two disinterested and competent persons, one to be appointed by the commissioner
and one to be appointed by the insurer. In the event these two persons fail to agree,
they shall appoint a third disinterested and competent person, and the estimate of the
value of the investment, as arrived at by these three persons, must be substituted as
the true value.