Sec. 861.258. REAL PROPERTY. (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:
(1) real property occupied by buildings used in whole or in part by a general casualty company in the transaction of business;
(2) an interest in minerals or royalty reserved on the sale of real property acquired under Sections 862.002(c)(1)-(3); and
(3) investment real property acquired under Section 424.064.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.066, eff. April 1, 2009.
