Section 2282 - Bonds and Stocks(a) It is the intention of the Insurance Commissioner to accept on a prima facie basis for purposes of valuation of bonds and stocks, the "association value" subject to any limitations imposed by the Insurance Code of the State of California, provided that: (1) A stock, bond or other evidence of debt if in default as to principal or interest or if not amply secured, shall not be valued as an asset of the insurer above its market value.(2) The amortized values of amortizable bonds received under reorganization or capital readjustments may, with the approval of the Commissioner, continue at the time of such reorganization or capital readjustments to be based on the previously existing amortized cost, rather than current market value.(b) It is the intention of the Insurance Commissioner to require that a mandatory securities valuation reserve be established in accordance with the rules and instructions of the Committee on Valuation of the National Association of Insurance Commissioners.Cal. Code Regs. Tit. 10, § 2282
1. Amendment filed 2-7-69 as an emergency; designated effective 2-7-69 (Register 69. No. 6).
2. Amendment filed 3-25-69 as an emergency; effective upon filing Certificate of Compliance included (Register 69, No. 13).
3. Amendment filed 2-4-71 as an emergency; effective upon filing (Register 71, No. 6).
4. Certificate of Compliance-Sec. 11422. 1, Government Code, filed 3-12-71 (Register 71, No. 11). 1. Amendment filed 2-7-69 as an emergency; designated effective 2-7-69 (Register 69. No. 6).
2. Amendment filed 3-25-69 as an emergency; effective upon filing Certificate of Compliance included (Register 69, No. 13).
3. Amendment filed 2-4-71 as an emergency; effective upon filing (Register 71, No. 6).
4. Certificate of Compliance-Sec. 11422. 1, Government Code, filed 3-12-71 (Register 71, No. 11).