(a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof, or any extension of the period granted by the Insurance Commissioner as provided in § 23-63-829 or § 23-63-830, or any investments otherwise lawful which are in excess of the aggregate amount the insurer is authorized to invest in that category of investments under this subchapter shall not be allowed as an asset of the insurer.
(b) The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the commissioner shall suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the commissioner may, by order, specify.
Section: Previous 23-63-824 23-63-825 23-63-826 23-63-827 23-63-828 23-63-829 23-63-830 23-63-831 23-63-832 23-63-833 23-63-834 23-63-835 23-63-836 23-63-837 23-63-839 NextLast modified: November 15, 2016