Idaho Code
Chapter 7 - INVESTMENTS
Section 41-728 - REAL ESTATE.

41-728. REAL ESTATE. (1) An insurer may acquire, invest in, own, maintain, alter, furnish, improve, manage, lease and convey the following real estate only:
(a) Land and buildings used for home office purposes, including contiguous parcels intended for future home office or corporate campus expansion, together with such other real estate as is required for its accommodation in the convenient transaction of its business.
(b) Real estate acquired in satisfaction in full or in part of or through foreclosure of or judgment obtained upon, loans, mortgages, liens or other evidences of indebtedness previously owing to the insurer in the regular course of its business.
(c) Real estate acquired in part payment of the consideration in the sale of other real estate owned by the insurer.
(d) Real estate acquired by gift or devise.
(e) Real estate acquired through a lawful merger or consolidation of another insurer and not required for its accommodation as provided in paragraph (a) of this subsection.
(f) Real estate for the production of income, under lease, or being constructed under a definite agreement providing for lease, to solvent institutions for commercial or industrial purposes, other than primarily for agricultural, horticultural, ranch, mining, mineral, oil, recreational, amusement, club, motel, or hotel purposes.
(g) Real estate subject to a plan of development other than primarily for agricultural, horticultural, ranch, mining, mineral, oil, recreational, amusement, club, motel, or hotel purposes as limited by subsection (2)(c) of this section.
(2) The aggregate amount so invested by the insurer shall not exceed:
(a) If for home office and its other purposes pursuant to subsection (1)(a) of this section, fifteen percent (15%) of the insurer’s assets, subject to the right of the director to approve an additional amount after hearing and for good cause shown.
(b) If for income purposes pursuant to subsection (1)(f) of this section, ten percent (10%) of the insurer’s admitted assets.
(c) If for properties subject to a plan of development pursuant to subsection (1)(g) of this section, not more than five percent (5%) of its admitted assets of which not more than two percent (2%) of its admitted assets may be in any one (1) parcel or group of contiguous parcels. The director may disapprove the property as an admitted asset if the plan of development is not being pursued in good faith. Factors for review may include, but are not limited to, progress with regard to zoning, roads, utilities, plats and completed development by the insurer of properties.
(d) In all categories and for all purposes, not to exceed twenty percent (20%) of the insurer’s assets.
(3) An insurer may lease to others part of real property otherwise occupied by it for home office and other purposes under subsection (1)(a) of this section, but the value of the entire property must be included for the purposes of the limitation upon aggregate real estate investments provided in subsection (2)(a) of this section.

History:
[41-728, added 1961, ch. 330, sec. 165, p. 645; am. 2001, ch. 174, sec. 1, p. 594; am. 2002, ch. 364, sec. 2, p. 1028; am. 2009, ch. 49, sec. 1, p. 129; am. 2019, ch. 112, sec. 2, p. 370.]

Structure Idaho Code

Idaho Code

Title 41 - INSURANCE

Chapter 7 - INVESTMENTS

Section 41-701 - INVESTMENTS.

Section 41-702 - ELIGIBLE INVESTMENTS.

Section 41-703 - GENERAL QUALIFICATIONS.

Section 41-704 - AUTHORIZATION OF INVESTMENTS.

Section 41-705 - RECORD OF INVESTMENTS.

Section 41-706 - DIVERSIFICATION OF INVESTMENTS.

Section 41-707 - PUBLIC OBLIGATIONS.

Section 41-708 - OBLIGATIONS AND STOCK OF CERTAIN FEDERAL AGENCIES.

Section 41-709 - IRRIGATION DISTRICT BONDS.

Section 41-710 - INTERNATIONAL BANK.

Section 41-711 - CORPORATE OBLIGATIONS.

Section 41-712 - CERTAIN TERMS DEFINED.

Section 41-713 - PREFERRED STOCKS — DIVERSIFICATION.

Section 41-714 - COMMON STOCKS.

Section 41-715 - INSURANCE STOCKS.

Section 41-716 - INVESTMENT TRUST SECURITIES.

Section 41-717 - EQUIPMENT TRUST OBLIGATIONS.

Section 41-718 - POLICY LOANS.

Section 41-719 - COLLATERAL LOANS.

Section 41-720 - SAVINGS AND SHARE ACCOUNTS.

Section 41-721 - MORTGAGE LOANS AND CONTRACTS.

Section 41-722 - MORTGAGE LOAN LIMITED BY PROPERTY VALUE.

Section 41-723 - APPRAISAL — LIMIT OF AMOUNT LOANED.

Section 41-724 - “IMPROVED REAL PROPERTY” DEFINED.

Section 41-725 - “ENCUMBRANCE” DEFINED.

Section 41-726 - SPECIAL INVESTMENTS BY TITLE INSURER.

Section 41-727 - FOREIGN SECURITIES.

Section 41-728 - REAL ESTATE.

Section 41-729 - TIME LIMIT FOR DISPOSAL OF REAL ESTATE.

Section 41-730 - DISPOSAL OF INELIGIBLE PROPERTY AND SECURITIES.

Section 41-731 - PROHIBITED INVESTMENTS AND INVESTMENT UNDERWRITING.

Section 41-732 - DOMESTIC RECIPROCAL INSURER.

Section 41-733 - SUBSIDIARY INVESTMENTS.

Section 41-734 - SEPARATE ACCOUNT FUNDS.

Section 41-735 - MISCELLANEOUS INVESTMENTS.

Section 41-736 - PERMITTED INVESTMENTS.