As the various investment markets head towards the end of the calendar year, one of the inevitable questions for US insurers is, and has always been, what will be appropriate valuations for their invested assets. While the majority of invested assets for US insurers are reported at amortized cost (or some version of that), some are at either fair value or the lower of cost or fair value. Also, even for those assets reported at amortized cost, fair value assessments are still an important aspect of regulatory reporting, as a significantly negative comparison may be considered an indication of impairment. Reminders of market volatility that was experienced in the last quarter of 2018 also point to at least the potential for significant changes in value.