Tennessee Code Title 56. Insurance § 56-1-407

(a) All bonds or other evidences of debt having a fixed term and rate held by any life insurance company, assessment life association, or fraternal beneficiary association, authorized to do business in this state, may, if amply secured and not in default as to principal and interest, be valued as follows:

(b) The purchase shall in no case be taken at a higher figure than the actual market value at the time of purchase.

(c) The commissioner shall have full discretion in determining the method of calculating values according to subsection (a).