1994 Alaska Statutes
TITLE 21 INSURANCE
Chapter 21.18. ASSETS AND LIABILITIES
Sec. 21.18.140. VALUATION OF PROPERTY.
(a) Real property acquired under a mortgage loan or contract for sale, in the absence of a recent appraisal considered by the director to be reliable, may not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of the acquisition, together with taxes and expenses paid or incurred in connection with the acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.
(b) Other real property held by an insurer shall be valued at the lower of cost or fair market value as determined by recent appraisal. If valuation is based on an appraisal more than three years old, the director may call for and require a new appraisal in order to determine fair market value. The reasonable cost of the appraisal shall be borne by the insurer, if the director has a reasonable belief that the appraised value has decreased.
(c) Personal property acquired under a chattel mortgage made in accordance with AS 21.21.270 may not be valued at an amount greater than the unpaid balance of the principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with the acquisition, or the fair value of the property, whichever amount is the lesser.
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