Section 14

The value of any immovable property of an insurer (other than immovable property held by the insurer as security for a debt) shall, where the amount representing such value has been put into account for the first time or where a change is made reflecting an increase in the relevant amount stated or shown in a previous account, be not greater than the amount which, after deduction of the reasonable expenses of sale, would be realised if the immovable property were sold at a price equal to the most recent proper valuation of immovable property which has been provided to the insurer and any such immovable property of which there is no proper valuation shall be left out of account for the purpose of these Regulations.

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Any revaluation has to be approved by the Authority.

(3}

In these Regulations-

"proper valuation" means, in relation to any immovable property, a valuation made by a qualified valuer not more than 3 years before the relevant date which determined the amount which would be realised at the time of valuation on an open market sale of that immovable property free from any mortgage or charge;

"qualified valuer" means a person so recognised as a valuer in Brunei

Darussalam or elsewhere by the Authority.

Government securities.