§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 for
the use of the insurer in the transaction of its business.  Real property
acquired by an insurer pursuant to such loans, mortgages, liens, judgments, or
other debts, or pursuant to paragraphs (2), (3), (4), and (5) of section
431:6-311(e) shall be disposed of within three years after date of
acquisition.  The time for any such disposal shall be extended by the
commissioner for a definite additional period or periods upon application and
reasonable showing that forced sale of the property would be against the best
interests of the insurer.



(b)  Any such real property held by the insurer
without the commissioner's consent beyond the time permitted for its disposal
shall not be carried or allowed as an asset. [L 1987, c 347, pt of §2; am L
2004, c 122, §20]