Article 2a.--INVESTMENTS BY OTHER THAN LIFE INSURANCE COMPANIES
40-2a13.Real estate.Any insurance company other than life heretofore or hereafter organizedunder any law of this state may invest with the direction or approval of amajority of its board of directors or authorized committee thereof, any ofits funds, or any part thereof in real estate only if acquired or used forthe following purposes and in the following manner:
(a) Such as shall be requisite for its convenient present and reasonablefuture accommodations in the transaction of its business. In the erectionor purchase of any buildings for such purpose, additional space may beincluded for home office rental income;
(b) such as shall have been mortgaged to it in good faith, by way ofsecurity for loans previously contracted or for money due;
(c) such as shall have been conveyed to it in satisfaction of debtspreviously contracted in their legitimate business or for money due;
(d) such as shall have been purchased at sales upon judgments, decreesor mortgages obtained or made for such debts; or
(e) such as shall have been acquired for development or income purposes.
It shall not be lawful for any such company to purchase, hold or conveyreal estate in any other case or for any other purpose, except nothing inthis section shall be deemed to prohibit any such company from purchasingthe principal residence owned and inhabited by an employee or prospectiveemployee who is being transferred by the company to a different community;and all such realestate as may be acquired as aforesaid and which shall not be necessaryfor the accommodation of such company in the transaction of its business,except real estate acquired for development or incomepurposes shall be sold anddisposed of within five years after such company shall have acquiredtitle thereto, unless the company shall procure a certificate from thecommissioner of insurance that the interests of the company will suffermaterially by a forced sale thereof, in which event the sale may bepostponed for such period as the commissioner of insurance shall directin the certificate. If the company so elects, real estate other than farmproperties, which has been acquired under subsections (c) and (d) may beheld by it for income purposes. The company's aggregateinvestment in real estate as herein provided shall not exceed 20% of theadmitted assets of the company as shown by its last annual report as filedwith the commissioner of insurance or a more recent quarterly financialstatement as filed with the commissioner, on a form prescribed by thenational association of insurance commissioners, within 45 days followingthe end of the calendar quarter to which the interim statement pertains.
History: L. 1972, ch. 173, § 13; L. 1982, ch. 201, § 1; L. 1983,ch. 156, § 4;L. 1987, ch. 160, § 5; July 1.
Article 2a.--INVESTMENTS BY OTHER THAN LIFE INSURANCE COMPANIES
40-2a13.Real estate.Any insurance company other than life heretofore or hereafter organizedunder any law of this state may invest with the direction or approval of amajority of its board of directors or authorized committee thereof, any ofits funds, or any part thereof in real estate only if acquired or used forthe following purposes and in the following manner:
(a) Such as shall be requisite for its convenient present and reasonablefuture accommodations in the transaction of its business. In the erectionor purchase of any buildings for such purpose, additional space may beincluded for home office rental income;
(b) such as shall have been mortgaged to it in good faith, by way ofsecurity for loans previously contracted or for money due;
(c) such as shall have been conveyed to it in satisfaction of debtspreviously contracted in their legitimate business or for money due;
(d) such as shall have been purchased at sales upon judgments, decreesor mortgages obtained or made for such debts; or
(e) such as shall have been acquired for development or income purposes.
It shall not be lawful for any such company to purchase, hold or conveyreal estate in any other case or for any other purpose, except nothing inthis section shall be deemed to prohibit any such company from purchasingthe principal residence owned and inhabited by an employee or prospectiveemployee who is being transferred by the company to a different community;and all such realestate as may be acquired as aforesaid and which shall not be necessaryfor the accommodation of such company in the transaction of its business,except real estate acquired for development or incomepurposes shall be sold anddisposed of within five years after such company shall have acquiredtitle thereto, unless the company shall procure a certificate from thecommissioner of insurance that the interests of the company will suffermaterially by a forced sale thereof, in which event the sale may bepostponed for such period as the commissioner of insurance shall directin the certificate. If the company so elects, real estate other than farmproperties, which has been acquired under subsections (c) and (d) may beheld by it for income purposes. The company's aggregateinvestment in real estate as herein provided shall not exceed 20% of theadmitted assets of the company as shown by its last annual report as filedwith the commissioner of insurance or a more recent quarterly financialstatement as filed with the commissioner, on a form prescribed by thenational association of insurance commissioners, within 45 days followingthe end of the calendar quarter to which the interim statement pertains.
History: L. 1972, ch. 173, § 13; L. 1982, ch. 201, § 1; L. 1983,ch. 156, § 4;L. 1987, ch. 160, § 5; July 1.
Article 2a.--INVESTMENTS BY OTHER THAN LIFE INSURANCE COMPANIES
40-2a13.Real estate.Any insurance company other than life heretofore or hereafter organizedunder any law of this state may invest with the direction or approval of amajority of its board of directors or authorized committee thereof, any ofits funds, or any part thereof in real estate only if acquired or used forthe following purposes and in the following manner:
(a) Such as shall be requisite for its convenient present and reasonablefuture accommodations in the transaction of its business. In the erectionor purchase of any buildings for such purpose, additional space may beincluded for home office rental income;
(b) such as shall have been mortgaged to it in good faith, by way ofsecurity for loans previously contracted or for money due;
(c) such as shall have been conveyed to it in satisfaction of debtspreviously contracted in their legitimate business or for money due;
(d) such as shall have been purchased at sales upon judgments, decreesor mortgages obtained or made for such debts; or
(e) such as shall have been acquired for development or income purposes.
It shall not be lawful for any such company to purchase, hold or conveyreal estate in any other case or for any other purpose, except nothing inthis section shall be deemed to prohibit any such company from purchasingthe principal residence owned and inhabited by an employee or prospectiveemployee who is being transferred by the company to a different community;and all such realestate as may be acquired as aforesaid and which shall not be necessaryfor the accommodation of such company in the transaction of its business,except real estate acquired for development or incomepurposes shall be sold anddisposed of within five years after such company shall have acquiredtitle thereto, unless the company shall procure a certificate from thecommissioner of insurance that the interests of the company will suffermaterially by a forced sale thereof, in which event the sale may bepostponed for such period as the commissioner of insurance shall directin the certificate. If the company so elects, real estate other than farmproperties, which has been acquired under subsections (c) and (d) may beheld by it for income purposes. The company's aggregateinvestment in real estate as herein provided shall not exceed 20% of theadmitted assets of the company as shown by its last annual report as filedwith the commissioner of insurance or a more recent quarterly financialstatement as filed with the commissioner, on a form prescribed by thenational association of insurance commissioners, within 45 days followingthe end of the calendar quarter to which the interim statement pertains.
History: L. 1972, ch. 173, § 13; L. 1982, ch. 201, § 1; L. 1983,ch. 156, § 4;L. 1987, ch. 160, § 5; July 1.
