(a) Except as stated in subsection (b) of this section, or unless the insurer elects to hold the real estate as an investment under § 1324(a)(7) of this title:
(1) An insurer shall dispose of real estate acquired under § 1324(a)(1) of this title within 5 years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business;
(2) An insurer shall dispose of real estate acquired under § 1324(a)(2), (3) and (4) of this title within 5 years after the date of acquisition, unless used or to be used for the insurer's accommodation under § 1324 (a)(1) of this title.
(b) The Commissioner may by order grant, from time to time, reasonable extensions of the period, as specified in any such order, within which an insurer shall dispose of any particular parcel of such real estate.
Structure Delaware Code
§ 1303. General qualifications.
§ 1304. Authorization; record of investments.
§ 1307. Obligations and stock of certain federal and international agencies.
§ 1308. Corporate obligations.
§ 1309. Corporate obligations; terms defined.
§ 1310. Preferred or guaranteed stocks.
§ 1311. Common stocks; limited partnerships.
§ 1313. Stock of subsidiaries.
§ 1314. Common trust funds; mutual funds.
§ 1315. Bankers' acceptances; bills of exchange.
§ 1316. Equipment trust certificates.
§ 1319. Savings and share accounts.
§ 1320. Miscellaneous investments.
§ 1321. Investments in foreign countries.
§ 1322. Special investments of title insurers.
§ 1323. Real estate mortgages.
§ 1325. Time limit for disposal of real estate.
§ 1326. Time limit for disposal of other ineligible property and securities.
§ 1327. Failure to dispose of real estate or securities; effect; penalty.
§ 1328. Prohibited investments and investment underwriting.
§ 1329. Investments of foreign insurers.
§ 1333. Rules and regulations [For application of this section, see 79 Del. Laws, c. 207, § 3].