Singapore legislation
Regulation 11
Regulation 11
Land and buildings
Subregulation 1
A licensed insurer shall value any land or building at its estimated market value.
Subregulation 2
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.
Subregulation 3
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.
Subregulation 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.