Time limited for disposal of real property.
1. Except as stated in subsection 2, or unless the insurer elects to hold the real property as an investment under paragraph (f) of subsection 1 of NRS 682A.240:
(a) An insurer shall dispose of real property acquired under paragraph (a) of subsection 1 of NRS 682A.240 within 5 years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business.
(b) An insurer shall dispose of real property acquired under paragraphs (b), (c) and (d) of subsection 1 of NRS 682A.240 within 3 years after the date of acquisition, unless used or to be used for the insurer’s accommodation under paragraph (a) of subsection 1 of NRS 682A.240.
2. Upon proof satisfactory to him that the interests of the insurer will suffer materially by the forced sale thereof, the commissioner may by order grant a reasonable extension of the period, as specified in such order, within which the insurer shall dispose of any particular parcel of such real property.
Last modified: February 27, 2006