(1) An insurer may acquire and retain personal property received as a dividend, gift or devise, or pursuant to a lawful plan of merger, consolidation or reorganization or bona fide agreement of bulk reinsurance, or in satisfaction or liquidation of an obligation, or in exchange or part payment for real or personal property previously owned or to protect or enhance such property.
(2) An insurer may make purchases or loan sums necessary to protect, preserve or enhance investment property, real or personal, which it is otherwise authorized to acquire or hold.
(3) The Director of the Department of Consumer and Business Services shall allow as assets in any determination of the financial condition of the insurer only such property or investments acquired or retained under this section as are consistent with the customary operations of an insurer. [Formerly 738.315]
Section: Previous 733.650 733.652 733.654 733.656 733.658 733.660 733.670 733.680 733.685 733.690 733.695 733.700 733.710 733.720 733.730 NextLast modified: August 7, 2008