1. Except as otherwise provided in subsection 5, all bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows:
(a) If purchased at par, at the par value.
(b) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made or, in lieu of that method, according to an accepted method of valuation that is approved by the Commissioner.
2. The purchase price must not be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage or express charges paid in the acquisition of such securities.
3. Unless otherwise provided by a valuation established or approved by the Commissioner, the security must not be carried at above the call price for the entire issue during any period within which the security may be so called.
4. The Commissioner has full discretion in determining the method of calculating values pursuant to this section.
5. A valuation determined pursuant to this section must not be inconsistent with any applicable valuation or method then currently formulated or approved by the NAIC.
(Added to NRS by 1971, 1616; A 2003, 3287; 2015, 3411) — (Substituted in revision for NRS 681B.160)