{"data":{"id":"us-nc/n.c.-gen.-stat.-58-7-187","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-7-187","heading":"Real estate, in general.","body":"(a)\tAn insurer shall not directly or indirectly acquire or hold real estate except as authorized in this section.\n(b)\tAn insurer may acquire and hold:\n(1)\tLand and buildings thereon used or acquired for use as its principal home office and branch offices, or used in conjunction with such offices, for the convenient transaction of its own business.\n(2)\tReal property acquired in satisfaction in whole or in part of loans, mortgages, liens, judgments, decrees, or debts previously owing to the insurer, in the course of its business.\n(3)\tReal property acquired in part payment of the consideration on the sale of other real property owned by it, if the transaction effects a net reduction in the insurer's investment in real estate.\n(4)\tReal property acquired by gift or devise or through merger, consolidation, or bulk reinsurance of another insurer under this Chapter.\n(5)\tAdditional real property and equipment incident to real property, if necessary or convenient for the enhancement of the marketability or sale value of real property previously acquired or held by it under subdivisions (2) through (4) of this subsection.\n(c)\tAn insurer may acquire and hold real property for investment, subject to the following conditions:\n(1)\tThe amount shall not exceed in the aggregate the lesser of five percent (5%) of the insurer's admitted assets or fifteen percent (15%) of the insurer's capital and surplus.\n(2)\tThe amount in any one property shall not exceed one percent (1%) of the insurer's admitted assets.\n(3)\tThe amount in unimproved land shall not exceed one-half of one percent (0.5%) of the insurer's admitted assets.\n(4)\tThere shall be no time limit for the disposal of investment real estate.\n(d)\tThe amount in real property acquired and held by an insurer shall not exceed fifteen percent (15%) of the insurer's admitted assets; but the Commissioner may permit an insurer to invest in real property in such increased amount as the Commissioner considers to be proper. (1991, c. 681, s. 29.)","path":["Chapter 58. Insurance.","Article 7. General Domestic Companies."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-7-187.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"803476c20e2e5dc5270681fa006408a1f1f67e862e4893bd60903a9c6e960d7f","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-7-185","next":"us-nc/n.c.-gen.-stat.-58-7-188"},"notice":"GroundRules: Original legal text. Not legal advice."}