Land and buildings
11.—(1)  A registered insurer shall value any land or building at its estimated market value.
(2)  In estimating the market value of any land or building, the insurer shall take into account —
(a)the last available valuation report made by a qualified property valuer;
(b)the prevailing market for the land or building; and
(c)any damage or improvement affecting the land or building from the date of the last available valuation report.
(3)  An insurer shall obtain a new valuation from a qualified property valuer —
(a)when the value of the land or building has been substantially impaired by any event; and
(b)in any event, at least once every 3 years.