1. Except as stated in subsection 2, or unless the insurer elects to hold the real estate as an investment under section 1125,
subsection 1, paragraph G:
A. An insurer shall dispose of real estate acquired under section 1125, subsection 1, paragraph A, within 5 years after it
has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business. [1969, c. 132, §1 (NEW).]
B. An insurer shall dispose of real estate acquired under section 1125, subsection 1, paragraphs B, C or E, within 5 years
after the date of acquisition, unless used or to be used for the insurer's accommodation under section 1125, subsection 1,
paragraph A. [1969, c. 132, §1 (NEW).]
2. Upon proof satisfactory to him that the interests of the insurer will suffer materially by the forced sale thereof, the
superintendent may by order grant a reasonable extension of the period, as specified in such order, within which the insurer
shall dispose of any particular parcel of such real estate.
[
1973, c. 585, §12 (AMD)
.]
SECTION HISTORY
1969, c. 132, §1 (NEW).
1973, c. 585, §12 (AMD).
Data for this page extracted on 11/09/2009 11:20:25.