19(1) 20An insurer may acquire and hold:26(a) 27Land and buildings thereon used or acquired for use as its principal home office and branch offices for the convenient transaction of its own business.
52(b) 53Real property acquired in satisfaction in whole or in part of loans, mortgages, liens, judgments, decrees, or debts previously owing to the insurer, in the course of its business.
82(c) 83Real property acquired in part payment of the consideration on the sale of other real property owned by it, if such transaction effects a net reduction in the insurer’s investment in real estate.
116(d) 117Real property acquired by gift or devise or through merger, consolidation, or bulk reinsurance of another insurer under this code.
137(e) 138Additional real property and equipment incident to real property, if necessary or convenient for the enhancement of the marketability or sale value of real property previously acquired or held by it under paragraphs (b)-(d), but subject to the prior written approval of the office.
182(2) 183An insurer may acquire and hold real property for the purposes of investment subject to the following conditions:201(a) 202The amount shall not exceed 5 percent of the insurer’s admitted assets.
214(b) 215The amount in any one property shall not exceed 1 percent of the insurer’s admitted assets.
231(c) 232The amount in unimproved land shall not exceed 0.5 percent of the insurer’s admitted assets.
247(d) 248There shall be no time limit for the disposal of investment real estate.
