Regulation 13E
Land and buildings
of Insurance (Lloyd’s Asia Scheme) Regulations
Subsidiary LegislationIn forceProvision 25 of 44
Regulation 13E
Amended byS 814/2004 wef 01/01/2005
Subregulation 1
A Service Company shall value any land or building at its estimated market value.
Subregulation 2
In estimating the market value of any land or building, the Service Company 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.
Subregulation 3
Amended byS 814/2004 wef 01/01/2005
A Service Company 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.