Texas Insurance Code

§ 861.258 — REAL PROPERTY

IN § 861.258Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part D. CASUALTY COMPANIES · Ch. 861. GENERAL CASUALTY COMPANIES · Art. F. REGULATION OF GENERAL CASUALTY COMPANY

Statute text

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(a)A general casualty company is subject to Section 862.002 and may not purchase, hold, or convey real property except as authorized by that section.

(b)A general casualty company shall sell real property acquired in compliance with Subsection (a) not later than the 10th anniversary of the date the real property was acquired.

(c)A general casualty company may retain real property after the date specified by Subsection (b) if the commissioner issues a certificate stating:

(1)that sale of the real property in compliance with Subsection (b) would cause the company to incur a material loss; and

(2)a later date by which the real property must be sold.

(d)Subsection (b) does not apply to:

…

Legislative history

Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.066, eff. April 1, 2009.