64V. Assets and liabilities how to be valued.- (1) For the purpose of ascertaining compliance with the provisions of Section 64 VA,— (i) assets shall be valued at values not exceeding their market or realisable value and the assets hereafter mentioned shall be excluded to the extent indicated, namely: i. agents' balances and outstanding premiums in India, to the extent they are not realized within a period of thirty days; ii. agents' balances and outstanding premiums outside India, to the extent they are not realisable; iii. sundry debts, to the extent they are not realizable; iv. advances of an unrealizable character; v. furniture, fixtures, dead stock and stationery; vi. deferred expenses; vii. profit and loss appropriation account balance and any fictitious assets other than pre paid expenses; viii. such other asset or assets as may be specified by the regulations made in this behalf. (ii) a proper value shall be placed on every item of liability and liabilities in respect of share capital, general reserve and other reserves of similar nature not created to meet specific liabilities and investment reserves, reserve for bad and doubtful debts, and depreciation fund shall be excluded and liabilities hereafter mentioned shall be included to the extent indicated, namely: (a) provision for dividends declared or recommended, and outstanding dividends in full; (b) reserves for unexpired risks in respect of (i) fire and miscellaneous business, 50 per cent., (ii) marine cargo business, 50 per cent., and (iii) marine hull business, 100 per cent., of the premium, net of re insurances, during the preceding twelve months; (c) estimated liability in respect of outstanding claims, in full; (d) amount due to insurance companies carrying on insurance business in full; (e) amounts due to sundry creditors, in full; (f) provision for taxation, in full. (g)such other liability which may be made in this behalf to be included for the purpose of clause (ii) Explanation. In the case of an insurer, whose principal place of business or domicile is outside India, where, in the accounts filed with the public authority of the country in which the insurer is constituted, incorporated or domiciled, in respect of marine insurance business, the provisions for unexpired risks and outstanding claims are not shown separately, the liabilities under items (b) and (c) of C1ause (ii) in respect of marine insurance business shall be taken together at a figure of not less than the total premium less reinsurances in respect of that class of business during the preceding twelve months. (2) Every insurer shall furnish to the Authority with his returns under Section 15 or Section 16, as the case may be, a statement certified by an auditor, of his assets and liabilities assessed in the manner required by this section as on the 31st day of December of the preceding year. (3) Every insurer shall value his assets and liabilities in the manner required by this section and in accordance with the regulations which may be made by the Authority in this behalf. | 
