§ 23-63-829 - Time limit for disposal of real estate.
23-63-829. Time limit for disposal of real estate.
(a) Except as stated in subsection (c) of this section, the insurer shall dispose of real estate acquired under 23-63-828(1) within five (5) years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business.
(b) Except as stated in subsection (c) of this section, the insurer shall dispose of real estate acquired under 23-63-828(2)-(4) within five (5) years after the date of acquisition.
(c) Upon proof satisfactory to the Insurance Commissioner that the interests of the insurer will suffer materially by the forced sale thereof, the commissioner may by order grant a reasonable extension of the period as specified in the order. Within that specified period of time, the insurer shall dispose of any particular parcel of real estate, unless the insurer elects to hold the real estate as an investment for income purposes under 23-63-828(6), in which event, the real estate shall be deemed to have been acquired at a cost equal to its book value at the time of the election and to be held under, and subject to, the provisions of 23-63-828(6) after that time.