Tex. Ins. Code § 425.231 · Subchapter D. AUTHORIZED INVESTMENTS AND TRANSACTIONS FOR OTHER LIFE, HEALTH, AND ACCIDENT INSURERS
AUTHORIZED INVESTMENTS: REAL PROPERTY ACQUIRED UNDER CERTAIN CIRCUMSTANCES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Subject to this section, an insurer may secure, hold, and convey the following real property:
(1) real property acquired in good faith as security for a loan previously contracted or for money due;
(2) real property conveyed to the insurer to satisfy a debt previously contracted in the course of the insurer's dealings; and
(3) real property purchased at a sale under a judgment, court decree, or mortgage or other lien held by the insurer.
(b) An insurer shall sell and dispose of all property described by Subsection (a) that is not necessary for the insurer's accommodation in the convenient transaction of the insurer's business, other than an interest in minerals or royalties reserved on the sale of land acquired under Subsection (a) or an interest in producing royalties or producing overriding royalties otherwise acquired, not later than the fifth anniversary of:
(1) the date the insurer acquires title to the property; or
(2) the date the property ceases to be necessary for the accommodation of the insurer's business.
(c) An insurer may hold property acquired under Subsection (a) for a period longer than that specified by Subsection (b) if the insurer obtains a certificate from the commissioner stating that the insurer's interests will suffer materially by the forced sale of the property. The commissioner shall state in the certificate the amount of time by which the period for sale is extended under this subsection.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.425.htm
- Text hash
- sha256 e739cc21f44a7f872171164eaa26363d1e12fc77c6c1bfbe84a88c7fcb019392
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 2 provisions
Provisions in this library whose text cites Tex. Ins. Code § 425.231. Each shows the citation as that text prints it.
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