7. Immovable property
The value of any land of an insurance company (other than land held by the company as a security for a debt or to which regulation 10 applies) shall, where an amount representing such value has been put into the 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, not be greater than the amount which, after deduction of the reasonable expenses of sale, would be realised if the land were sold at a price equal to the most recent proper valuation of that land which has been provided to the company and any such land of which there is no proper valuation shall be left out of account for the purposes of these Regulations.