11. Land and buildings

A licensed insurer shall value any land or building at its estimated market value.

In estimating the market value of any land or building, the insurer shall take into account —

the last available valuation report made by a qualified property valuer;

the prevailing market for the land or building; and

any damage or improvement affecting the land or building from the date of the last available valuation report.

An insurer shall obtain a new valuation from a qualified property valuer —

when the value of the land or building has been substantially impaired by any event; and

in any event, at least once every 3 years.

For the purposes of paragraph (3), the qualified property valuer shall conduct a physical inspection of the land or building in providing the valuation.

A licensed insurer shall value any land or building at its estimated market value.

In estimating the market value of any land or building, the insurer shall take into account —

the last available valuation report made by a qualified property valuer;

the prevailing market for the land or building; and

any damage or improvement affecting the land or building from the date of the last available valuation report.

An insurer shall obtain a new valuation from a qualified property valuer —

when the value of the land or building has been substantially impaired by any event; and

in any event, at least once every 3 years.

For the purposes of paragraph (3), the qualified property valuer shall conduct a physical inspection of the land or building in providing the valuation.