Equity securities
9.—(1)  A registered insurer shall value an equity security as follows:
(a)where it is listed on a securities exchange, at its market value; or
(b)where it is not listed on any securities exchange, at its net realisable value.
(2)  In determining the net realisable value of an equity security which is not listed on a securities exchange, the insurer shall take into account —
(a)the amount of consideration it would receive by selling the equity security; and
(b)the net tangible asset value of the equity security.