1. (a) A general casualty company is subject to Section 862.002 and may not purchase, hold, or convey real property except as authorized by that section.
2. (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.

3. (c) A general casualty company may retain real property after the date specified by Subsection (b) if the commissioner issues a certificate stating:

   1. (1) that sale of the real property in compliance with Subsection (b) would cause the company to incur a material loss; and
   2. (2) a later date by which the real property must be sold.

4. (d) Subsection (b) does not apply to:

   1. (1) real property occupied by buildings used in whole or in part by a general casualty company in the transaction of business;
   2. (2) an interest in minerals or royalty reserved on the sale of real property acquired under Sections 862.002(c)(1)-(3); and
   3. (3) investment real property acquired under Section 424.064.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.066, eff. April 1, 2009.