Section 87-E. Amortization of gains or losses

Gains or losses realized by
  the state insurance fund as a result of sales or  dispositions  pursuant
  to   the   authorization   and   direction  of  section  eighty-seven-a,
  eighty-seven-b, eighty-seven-bb, eighty-seven-c,  or  eighty-seven-f  of
  this chapter shall be transferred to a special asset account to be known
  as  the  deferred  charge  on account of security exchanges and shall be
  amortized within such account on a basis  which  matches  as  nearly  as
  possible  all  gains  or  losses  so  realized  against  any increase or
  decrease in income resulting from the reinvestment of  the  proceeds  of
  such  sales or dispositions, provided that the period of amortization of
  the gain or  loss  resulting  from  the  sale  or  disposition  of  each
  investment  shall  not be longer than the unexpired period from the date
  of such sale or disposition to the maturity of the investment so sold or
  disposed of, or on such other basis as the superintendent  of  insurance
  may authorize in his discretion.