§431:6-312 Time limit for disposal. (a) Real property acquired by an insurer pursuant to section 431:6-311(e)(1) shall be disposed of within three years after it has ceased being necessary for the use of the insurer in the transaction of its business. Real property acquired by an insurer pursuant to such loans, mortgages, liens, judgments, or other debts, or pursuant to paragraphs (2), (3), (4), and (5) of section 431:6-311(e) shall be disposed of within three years after date of acquisition. The time for any such disposal shall be extended by the commissioner for a definite additional period or periods upon application and reasonable showing that forced sale of the property would be against the best interests of the insurer.
(b) Any such real property held by the insurer without the commissioner's consent beyond the time permitted for its disposal shall not be carried or allowed as an asset. [L 1987, c 347, pt of §2; am L 2004, c 122, §20]
Section: Previous 431-6-305 431-6-306 431-6-307 431-6-308 431-6-309 431-6-310 431-6-311 431-6-312 431-6-313 431-6-314 431-6-315 431-6-316 431-6-317 431-6-318 431-6-319 NextLast modified: October 27, 2016