REAL PROPERTY

(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. (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. (c) A general casualty company may retain real property after the date specified by Subsection (b) if the commissioner issues a certificate stating: (1) that sale of the real property in compliance with Subsection (b) would cause the company to incur a material loss; and (2) a later date by which the real property must be sold. (d) Subsection (b) does not apply to: (1) real property occupied by buildings used in whole or in part by a general casualty company in the transaction of business; (2) an interest in minerals or royalty reserved on the sale of real property acquired under Sections 862.002(c)(1)-(3); and (3) investment real property acquired under Section 424.064.