California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 2 - Valuation of Properties and Securities
Section 2290 - General: Basis of Valuation Must be Reported in Annual Statement

The basis of valuation used for each of the classes of securities and properties herein described must be clearly reported in the annual statement, which must be accompanied by the declaration of the reporting officer or officers of insurer, to the effect that, wherever "actual market value" or "reasonable values," as the case may be, as herein required to be reported, have been reported, they and the prescribed fractions thereof, as the case may be, have in each case been reported on the basis herein prescribed. Such declaration shall also state all cases in which a valuation of the basis herein prescribed is impossible, the reasons therefor, and shall describe the valuation actually used in such cases.