§431:6-403  Disposal of ineligible propertyand securities.  (a)  Any personal property or securities lawfully acquiredby an insurer, which it could not otherwise have invested in or loaned itsfunds upon at the time of the acquisition, shall be disposed of by the insurerwithin three years from date of acquisition, unless within such period thesecurity has attained the standard for eligibility.  The commissioner, uponapplication and reasonable showing that forced sale of any such property orsecurity would be against the best interests of the insurer, may extend thedisposal period for an additional reasonable time.

(b)  While any such property or securityremains so ineligible, it shall not be allowed as an asset of the insurer.

(c)  Any ineligible property or securityacquired contrary to this article by an insurer shall be disposed of forthwith;for failure so to do within sixty days after order of the commissionerrequiring such disposal, the commissioner may revoke or suspend the insurer'scertificate of authority.

(d)  For the purposes of subsection (c), aninvestment otherwise eligible shall not be deemed ineligible for the reasonthat it is in excess of the amount permitted under this article to be investedin the category of investments to which it belongs; any such excess investmentshall be disposed of within the time prescribed in subsection (a). [L 1987, c347, pt of §2]