Tenn. Code Ann. § 56-3-504: Valuation of assets allocated to separate account

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 in accordance with the terms of the agreement; provided, that the portion of the assets of the separate account at least equal to the company's reserve liability with regard to the guaranteed benefits and funds referred to in § 56-3-502 , if any, shall be valued in accordance with the rules otherwise applicable to the company's assets.