2006 Louisiana Laws - RS 22:847 — When restrictions not applicable

§847.  When restrictions not applicable

A.  The restrictions of R.S. 22:844 and 22:845 shall not apply to securities or other assets acquired through merger or consolidation with any other insurer or through a reinsurance agreement, if such assets when originally acquired constituted legal investments for the merged, consolidated or ceding insurer which acquired them, nor shall such provisions apply to securities, obligations or other assets accepted incident to the adjustment or realization of any debt or investment when deemed by the board of directors or investment committee to be in the best interests of the insurer, but, subject to the provisions of Sub-section B all such securities, obligations or other assets so acquired or accepted after 12:00 noon of October 1, 1948, which are not in accordance with the provisions of this Part shall be disposed of not later than five years after the date of such acquisition or acceptance, or if acquired prior to 12:00 noon of October 1, 1948, not later than five years after such latter date.  

B.  The commissioner of insurance, upon application by the insurer, may extend the time for the disposition of such securities, obligations or other assets for such period or periods as he may deem proper on the showing made, if such insurer may suffer materially by the forced sale thereof; and the commissioner of insurance shall grant a hearing to the insurer upon request.  

Acts 1958, No. 125.