§ 58-7-187. Real estate, in general.
§58‑7‑187. Real estate, in general.
(a) An insurer shallnot directly or indirectly acquire or hold real estate except as authorized inthis section.
(b) An insurer mayacquire and hold:
(1) Land and buildingsthereon used or acquired for use as its principal home office and branchoffices, or used in conjunction with such offices, for the convenienttransaction of its own business.
(2) Real propertyacquired in satisfaction in whole or in part of loans, mortgages, liens,judgments, decrees, or debts previously owing to the insurer, in the course ofits business.
(3) Real propertyacquired in part payment of the consideration on the sale of other realproperty owned by it, if the transaction effects a net reduction in theinsurer's investment in real estate.
(4) Real propertyacquired by gift or devise or through merger, consolidation, or bulkreinsurance of another insurer under this Chapter.
(5) Additional realproperty and equipment incident to real property, if necessary or convenientfor the enhancement of the marketability or sale value of real propertypreviously acquired or held by it under subdivisions (2) through (4) of thissubsection.
(c) An insurer mayacquire and hold real property for investment, subject to the followingconditions:
(1) The amount shall notexceed in the aggregate the lesser of five percent (5%) of the insurer'sadmitted assets or fifteen percent (15%) of the insurer's capital and surplus.
(2) The amount in anyone property shall not exceed one percent (1%) of the insurer's admittedassets.
(3) The amount inunimproved land shall not exceed one‑half of one percent (0.5%) of theinsurer's admitted assets.
(4) There shall be notime limit for the disposal of investment real estate.
(d) The amount in realproperty acquired and held by an insurer shall not exceed fifteen percent (15%)of the insurer's admitted assets; but the Commissioner may permit an insurer toinvest in real property in such increased amount as the Commissioner considersto be proper. (1991, c. 681, s. 29.)