(a) 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:

(1) If purchased at par, at the par value;

(2) 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 such method, according to such accepted method of valuation as is approved by the Commissioner;

(3) Purchase price shall in no case 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;

(4) Unless otherwise provided by valuation established or approved by the Commissioner, no such security shall be carried at above the call price for the entire issue during any period within which the security may be so called.

(b) Notwithstanding any other provision of this section, no bond or other evidence of debt shall be valued in excess of the value established by the National Association of Insurance Commissioners’ Capital Markets and Investment Analysis Office.

18 Del. C. 1953, §  1114;  56 Del. Laws, c. 380, §  1;  69 Del. Laws, c. 92, §  4;  80 Del. Laws, c. 117, §  2;  83 Del. Laws, c. 184, § 3; 

(a) Securities, other than those referred to in § 1127 of this title, held by an insurer shall be valued, in the discretion of the Commissioner, at their market value, or at their appraised value, or at prices determined by the Commissioner as representing their fair market value.

(b) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the Commissioner and in accordance with such method of computation as he or she may approve.

(c) Notwithstanding any other provision of this section, securities shall be valued at prices established by the National Association of Insurance Commissioners’ Capital Markets and Investment Analysis Office and in accordance with procedures established by the National Association of Insurance Commissioners.

18 Del. C. 1953, §  1115;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §  39;  68 Del. Laws, c. 48, §  1;  70 Del. Laws, c. 186, §  1;  80 Del. Laws, c. 117, §  2;  83 Del. Laws, c. 184, § 4; 

(a) Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the Commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract plus interest due and accrued at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.

(b) Real property owned by an insurer shall be valued at cost plus capital improvements less depreciation. Such a value shall not be in excess of the NAIC accounting practices and procedures manual valuation nor in excess of fair market value as determined by a recent appraisal acceptable to the Commissioner. If the valuation is based on an appraisal more than 3 years old, the Commissioner may require a new appraisal to determine fair market value.

18 Del. C. 1953, §  1116;  56 Del. Laws, c. 380, §  1;  69 Del. Laws, c. 92, §  5;  80 Del. Laws, c. 117, §  2; 

Purchase money mortgages on real property referred to in § 1129(a) of this title shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90% of the fair value of such real property, whichever is less.

18 Del. C. 1953, §  1117;  56 Del. Laws, c. 380, §  1;  80 Del. Laws, c. 117, §  2;