Texas Insurance Code

§ 862.002 — PROHIBITIONS RELATING TO HOLDING REAL PROPERTY; EXCEPTIONS

IN § 862.002Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part D. CASUALTY COMPANIES · Ch. 862. FIRE AND MARINE INSURANCE COMPANIES · Art. A. REGULATION OF FIRE AND MARINE INSURANCE COMPANIES

Statute text

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(a)A fire, marine, or inland marine insurance company may not purchase, hold, or convey real property, except as provided by Subsections (b) and (c).

(b)The company may erect and maintain buildings ample and adequate for the transaction of the company's business.

(c)Subsection (a) does not apply to:

(1)real property mortgaged to the company in good faith as security for a loan previously contracted or for money due;

(2)real property conveyed to the company in satisfaction of a debt previously contracted in the legitimate business of the company or for money due;

(3)real property purchased under a judgment, decree, or mortgage obtained or made for a debt under Subdivision (2); or

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Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.