Texas Insurance Code

§ 425.231 — AUTHORIZED INVESTMENTS: REAL PROPERTY ACQUIRED UNDER CERTAIN CIRCUMSTANCES

IN § 425.231Title 4. REGULATION OF SOLVENCY · Part B. RESERVES AND INVESTMENTS · Ch. 425. RESERVES AND INVESTMENTS FOR LIFE INSURANCE · Art. D. AUTHORIZED INVESTMENTS AND TRANSACTIONS FOR OTHER LIFE, HEALTH, AND ACCIDENT INSURERS

Statute text

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(a)Subject to this section, an insurer may secure, hold, and convey the following real property:

(1)real property acquired in good faith as security for a loan previously contracted or for money due;

(2)real property conveyed to the insurer to satisfy a debt previously contracted in the course of the insurer's dealings; and

(3)real property purchased at a sale under a judgment, court decree, or mortgage or other lien held by the insurer.

(b)An insurer shall sell and dispose of all property described by Subsection (a) that is not necessary for the insurer's accommodation in the convenient transaction of the insurer's business, other than an interest in minerals or royalties reserved on the sale of land acquired under Subsection (a) or an interest in producing royalties or producing overriding royalties otherwise acquired, not later than the fifth anniversary of:

(1)the date the insurer acquires title to the property; or

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.