2005 Idaho Code - 41-729 — TIME LIMIT FOR DISPOSAL OF REAL ESTATE

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 7
                                 INVESTMENTS
    41-729.  TIME LIMIT FOR DISPOSAL OF REAL ESTATE. (1) Except as provided in
subsection (4) below, an insurer shall dispose of real estate within time
limits as follows:
    (a)  If acquired under section 41-728(1)(a) (home office and branch office
property), the insurer shall sell and dispose of the property within five (5)
years after it ceased to be used or to be necessary for the purposes stated
therein.
    (b)  If acquired under subdivisions (b) (in satisfaction of debts, etc.),
(c) (in part payment on other real estate sold), (d) (by gift or devise), or
(e) (merger or consolidation) of section 41-728(1), the insurer shall sell and
dispose of the property within five (5) years after the insurer acquired title
thereto.
    (c)  If acquired under section 41-728(1)(f) (for production of income),
the insurer shall within five (5) years after the termination or expiration of
the lease, sell and dispose of the property, or re-lease the property for an
additional term under the same conditions provided in such section as for an
original leasing.
    (2)  Any real estate otherwise subject to disposal under subdivisions (b)
or (c) above, may be retained by the insurer for home office or branch office
purposes for so long as so used, and subject to provisions otherwise
applicable to such home office and branch office property.
    (3)  Any real property otherwise subject to disposal under subdivisions
(a) and (b) above, may be retained by the insurer for leasing under section
41-728(1)(f) for so long as so used, and subject to provisions otherwise
applicable to such real estate for leasing.
    (4)  Upon proof satisfactory to him that the interests of the insurer will
suffer materially by the forced sale thereof, the commissioner may by
certificate grant a reasonable additional period, as specified in the
certificate, within which the insurer shall dispose of any particular parcel
of real estate.
    (5)  Real estate held by an insurer beyond the period allowed for its
disposal under this section shall not constitute an asset of the insurer in
any determination of the insurer's financial condition.