Sec. 3. Any domestic life insurance company shall have power to acquire, hold and convey real estate as described below, and no other:
1. The building in which it has its principal office and the land on which it stands;
2. Such as shall be necessary for the convenient transaction of its business;
3. Such as shall have been acquired for the accommodation of its business;
4. Such as shall have been mortgaged to it in good faith by way of security for loans previously contracted or for money due;
5. Such as shall have been conveyed to it in connection with its investments in real estate contracts or its investments in real estate under lease or for the purpose of leasing or developing in accordance with paragraph 8 of section 2 of this chapter or such as shall have been acquired for the purpose of investment under paragraph 20 of section 2(b) of this chapter. Any real estate acquired under paragraph 20 of section 2(b) of this chapter shall be evaluated for statement purposes in a manner satisfactory to the department.
6. Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or in exchange for real estate so conveyed to it; and
7. Such as it shall have purchased at sales on judgments, decrees or mortgages obtained or made for such debts.
All such real estate specified in paragraphs (3), (4), (5), (6), and (7) of this section, which shall not be necessary for the convenient transaction of its business, and which is not held under paragraphs 7, 8 or 20 of section 2(b) of this chapter, shall be sold by the life insurance company and disposed of within ten (10) years after it shall have acquired the title to same, or within five (5) years after the same shall have ceased to be necessary for the accommodation of its business, unless the company procures the certificate of the commissioner that its interests will suffer materially by a forced sale thereof, in which event the time for the sale may be extended to such time as the commissioner shall direct in such certificate.
Formerly: Acts 1935, c.162, s.148; Acts 1945, c.175, s.2; Acts 1951, c.24, s.1. As amended by Acts 1981, P.L.236, SEC.3; P.L.186-1997, SEC.5.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 12. Life Insurance Company Powers and Policy Requirements
27-1-12-0.1. Application of Certain Amendments to Chapter
27-1-12-1. Particular Rights, Privileges, and Powers
27-1-12-2. Investments; Categories, Conditions, Limitations, and Standards
27-1-12-2.2. Derivative Transactions
27-1-12-2.4. Participation in Certain Investment Pools; Requirements for Pooling Agreements
27-1-12-3.5. Intangible Assets Attributable to Investment in Subsidiary; Exceptions
27-1-12-4. Valuation of Bonds and Securities
27-1-12-6. Required Provisions of Policies After Transition Date or January 1, 1948
27-1-12-7. Required Provisions Relating to Defaulting or Surrendering Policyholder
27-1-12-8. Prohibited Provisions
27-1-12-10.5. Rules for Minimum Standards for Establishment of Reserves
27-1-12-12. Transition Period; Selection of Date; Effect
27-1-12-13. Filing Form of Policy With Department; Objections; Effect on Right to Issue
27-1-12-15. Competency of Certain Minors to Contract for Insurance and Receive Payments
27-1-12-16. Proceeds of Life Insurance; Definition; Payment to Trustees
27-1-12-17.1. Acquisition of Insurable Interest in and Policy on Life of Employee
27-1-12-18. Contract to Extend Time for Premium Payments
27-1-12-19. Ascertainment of Indebtedness Due Upon Policy or Premium Loans; Interest
27-1-12-20. Premium Deposits; Maximum; Inclusion in Cash Surrender Value; Disposition; Withdrawal
27-1-12-21. Power to Hold Proceeds Under Trust or Other Agreement With Policyholder
27-1-12-26. Fraudulent Representations; Offense
27-1-12-29. Group Life Insurance; Exemption of Proceeds From Legal Process
27-1-12-30. Group Life Insurance; Assignment of Incidents of Ownership
27-1-12-32. Financial Qualifications of Companies Issuing Certain Contracts
27-1-12-33. Variable Life Insurance Policies; Contents; Regulation
27-1-12-35. Life Insurance Proceeds; Payment; Time Limit; Liability for Interest
27-1-12-37. Group Life Insurance; Eligible Policyholders; Regulations
27-1-12-38. Group Life Insurance; Requirements for Issuance of Policy to Certain Groups
27-1-12-39. Direct Response Solicitations; Notice of Payment of Compensation
27-1-12-40. Group Life Insurance; Premiums; Spouse or Dependent Child Coverage
27-1-12-41. Group Life Insurance; Required Provisions
27-1-12-42. Group Life Insurance; Conversion Rights; Notice; Time to Exercise Rights
27-1-12-43. Life Insurance Provision Allowing for Right to Return Policy
27-1-12-44. Stranger Originated Life Insurance Allegation; Lack of Insurable Interest