(a) No Single-parent International Insurance Company or Industrial Insured International Insurance Company shall be subject to any restrictions on allowable investments whatsoever; provided, however, that the SAM may prohibit or limit any investment that threatens the solvency or liquidity of any such company.
(b) The investments of an Association International Insurance Company shall not be subject to restriction except that the SAM may, in his discretion, deny or refuse the valuation of goodwill or other investments of any Association International Insurance Company which do not have a readily ascertainable fair market value. The SAM shall have authority to limit or prohibit any investment or investments of any Association International Insurance company which may threaten the solvency or financial condition of such Association International Insurance Company.
(c) The stock of a member organization that owns more than fifty percent (50%) of the equity of an Association International Insurance Company shall be valued at book value by using the equity method of accounting.
(d) Bonds and other debt instruments held as investments by an Association International Insurance Company may be carried at cost or at amortized value when purchased at a discount.