§431:6-312  Time limit for disposal. (a)  Real property acquired by an insurer pursuant to section 431:6-311(e)(1)shall be disposed of within three years after it has ceased being necessary forthe use of the insurer in the transaction of its business.  Real propertyacquired by an insurer pursuant to such loans, mortgages, liens, judgments, orother debts, or pursuant to paragraphs (2), (3), (4), and (5) of section431:6-311(e) shall be disposed of within three years after date ofacquisition.  The time for any such disposal shall be extended by thecommissioner for a definite additional period or periods upon application andreasonable showing that forced sale of the property would be against the bestinterests of the insurer.

(b)  Any such real property held by the insurerwithout the commissioner's consent beyond the time permitted for its disposalshall not be carried or allowed as an asset. [L 1987, c 347, pt of §2; am L2004, c 122, §20]