(a) No Single-Parent Captive Insurer or Industrial Insured Captive Insurer 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 Captive Insurer 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 Captive Insurer 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 Captive Insurer which may threaten the solvency or financial condition of such Association Captive Insurer.
(c) The stock of a member organization that owns more than fifty percent (50%) of the equity of an Association Captive Insurer 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 Captive Insurer may be carried at cost or at amortized value when purchased at a discount.