Ch. 36

1995 LAWS OF MARYLAND

(II)     IS NECESSARY FOR THE INSURER'S CONVENIENT
ACCOMMODATION IN TRANSACTING BUSINESS;

(III)    IS ACQUIRED TO SATISFY LOANS, MORTGAGES, LIENS,
JUDGMENTS, DECREES, OR OTHER DEBTS PREVIOUSLY OWED TO THE INSURER IN
THE COURSE OF BUSINESS;

(IV)    IS ACQUIRED AS PARTIAL PAYMENT OF THE CONSIDERATION
FOR THE SALE OF REAL PROPERTY OWNED BY THE INSURER IF THE TRANSACTION
CAUSES A NET REDUCTION IN THE INVESTMENT OF THE INSURER IN REAL
PROPERTY; OR

(V)     IS ADDITIONAL REAL PROPERTY AND EQUIPMENT INCIDENT
TO REAL PROPERTY THAT IS NECESSARY OR CONVENIENT TO ENHANCE THE
MARKET VALUE OF REAL PROPERTY PREVIOUSLY ACQUIRED OR HELD BY THE
INSURER UNDER SUBPARAGRAPH (III) OR (IV) OF THIS PARAGRAPH.

(2)      UNLESS THE COMMISSIONER CERTIFIES THAT THE INTERESTS OF
THE INSURER WILL SUFFER MATERIALLY BY A FORCED SALE OF THE REAL
PROPERTY AND THE COMMISSIONER EXTENDS THE TIME FOR DISPOSAL OF THE
REAL PROPERTY IN THE CERTIFICATE:

(I)       REAL PROPERTY ACQUIRED UNDER SUBPARAGRAPHS (I) AND
(II) OF PARAGRAPH (1) OF THIS SUBSECTION MUST BE DISPOSED OF WITHIN 5 YEARS
AFTER THE REAL PROPERTY CEASES TO BE NECESSARY FOR THE CONVENIENT
ACCOMMODATION OF THE INSURER IN TRANSACTING BUSINESS; AND

(II)     REAL PROPERTY ACQUIRED UNDER SUBPARAGRAPHS (III)
AND (IV) OF PARAGRAPH (1) OF THIS SUBSECTION MUST BE DISPOSED OF WITHIN 5
YEARS AFTER THE DATE OF ACQUISITION.

(3)      AN INSURER MAY NOT ACQUIRE REAL PROPERTY UNDER
PARAGRAPH (1)(I), (II), OR (IV) OR (2) OF THIS SUBSECTION EXCEPT WITH THE
APPROVAL OF THE COMMISSIONER.

(O) CANADIAN INVESTMENTS.

AN INSURER MAY INVEST IN OR OTHERWISE ACQUIRE OR LOAN ON CANADIAN
SECURITIES AND INVESTMENTS THAT ARE SUBSTANTIALLY OF THE SAME KINDS,
CLASSES, AND INVESTMENT GRADES AS THOSE ELIGIBLE FOR INVESTMENT UNDER
THIS SUBTITLE.

(P) OTHER FOREIGN INVESTMENTS.

(1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, AN INSURER
THAT IS AUTHORIZED TO DO BUSINESS IN A FOREIGN COUNTRY OR POSSESSION OF
THE UNITED STATES OR THAT HAS OUTSTANDING INSURANCE CONTRACTS OR
REINSURANCE CONTRACTS ON RISKS LOCATED IN A FOREIGN COUNTRY OR
POSSESSION OF THE UNITED STATES MAY INVEST IN OR OTHERWISE ACQUIRE OR
LOAN ON SECURITIES AND INVESTMENTS IN THE FOREIGN COUNTRY OR
POSSESSION THAT ARE SUBSTANTIALLY OF THE SAME KINDS, CLASSES, AND
INVESTMENT GRADES AS THOSE ELIGIBLE FOR INVESTMENT UNDER THIS SUBTITLE.

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