1996 Alaska Statutes
TITLE 21 INSURANCE
Chapter 21.21. INVESTMENTS
Sec. 21.21.290. Time limit for disposal of real estate.
(a) Except as provided in (c) of this section, the insurer shall dispose of real estate acquired under AS 21.21.280 (1), within five years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business.
(b) Except as provided in (c) of this section, the insurer shall dispose of real estate acquired under AS 21.21.280 (3) - (5), within five years after the date of acquisition.
(c) Upon proof satisfactory to the director that the interests of the insurer will suffer materially by the forced sale of the real estate, the director may by order grant a reasonable extension of the period, as specified in the order, within which the insurer shall dispose of any particular parcel of the real estate; unless the insurer elects to hold the real estate as an investment for income purposes under AS 21.21.280(6), in which event thereafter the real estate shall be considered to have been acquired at a cost equal to its book value at the time of the election and to be held under, and subject to, the provisions of AS 21.21.280 (6).
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