Debt securities
10.—(1)  A registered insurer shall value a debt security as follows:
(a)where it is listed on any 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 a debt security that is not listed on a securities exchange, the insurer shall take into account —
(a)the prevailing interest rate;
(b)the likelihood of default by the issuer; and
(c)the cash flows that are expected to arise from the debt security.