California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 2 - Valuation of Properties and Securities
Section 2288 - Appraisal: When Required

The appraisal of real estate may be made, if and when, on the basis of net earnings, it is indicated that property may be worth substantially less than cost plus the cost of capitalized improvements, less normal depreciation. In determining such net income, a rental charge or estimate by the owner for its own occupancy of all or part of such real property shall be limited to a reasonable amount with due regard to what a willing tenant other than the owner would pay in a free market.

1. Amendment filed 6-13-68; effective thirtieth day thereafter (Register 68, No. 22).
2. Amendment filed 2-7-69 as an emergency; designated effective 2-7-69 (Register 69, No. 6).