11.—(1) A licensed insurer shall value any land or building at its estimated market value.
[S 233/2013 wef 18/04/2013]
(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.
(4) For the purposes of paragraph (3), the qualified property valuer shall conduct a physical inspection of the land or building in providing the valuation.