Tex.
Ins. Code Section 861.258
Real Property
(a)
A general casualty company is subject to Section 862.002 (Prohibitions Relating to Holding Real Property; Exceptions) 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 (Prohibitions Relating to Holding Real Property; Exceptions)(c)(1)-(3); and(3)
investment real property acquired under Section 424.064 (Authorized Investments: Real Property).
Source:
Section 861.258 — Real Property, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.861.htm#861.258 (accessed May 18, 2024).
