Valuation of assets in separate account

(a) Unless otherwise approved by the director, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is no readily available market, then as provided under the terms of the contract or the rules or other written agreement applicable to such separate account. (b) Notwithstanding (a) of this section and unless otherwise approved by the director, the portion, if any, of the assets of such separate account equal to the company's reserve liability with regard to the benefits and funds referred to in 3 AAC 28.060(b) shall be valued in accordance with the rules otherwise applicable to the company's assets.