{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1624","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1624","heading":"Acquiring or holding real property","body":"No insurance company, foreign, alien or domestic, doing business\n\nin Oklahoma, may acquire or hold real property therein, except as\n\nfollows:\n\n1. Such as shall be requisite for the convenient accommodation\n\nof the transaction of its own business; the amount invested in such\n\nreal property shall not exceed ten percent (10%) of the investing\n\ncompany's admitted assets but the Insurance Commissioner may grant\n\npermission to the company to invest in real property for such\n\npurpose in such increased amount as the Insurance Commissioner may\n\ndeem proper on the showing made, if upon a hearing held the\n\nInsurance Commissioner finds that the amount represented by such\n\npercentage of its admitted assets is insufficient to provide\n\nconvenient accommodation for the company's business. Real estate\n\nmaintained for the convenient accommodation of the transaction of\n\nits own business, permitted to be carried as an admitted asset of\n\nthe company pursuant to this section shall be carried at an amount\n\nequal to its cost at the time of acquisition together with the\n\nactual cost of improvements made thereon, less encumbrances and less\n\ndepreciation; provided, however, any real estate carried at fair\n\nmarket value as an admitted asset of the company on November 1,\n\n1989, shall be excluded from this provision;\n\n2. Such as shall have been mortgaged to it in good faith by way\n\nof security for loans previously contracted for monies due;\n\n3. Such as shall have been conveyed to it in satisfaction of\n\ndebts previously contracted in course of its dealings;\n\n4. Such as shall have been purchased at sales on judgments,\n\ndecrees, or mortgages obtained or made for such debts;\n\n5. Such real property as shall have been acquired in whole or\n\nin part, in exchange for real property of approximately the same\n\nvalue theretofore legally acquired and held by it;\n\n6. Real property and improvements thereon located in\n\nincorporated cities and towns and as additions thereto or real\n\nproperty and improvements wherever located acquired for sale or\n\nlease, if such lessee or purchaser could have legally acquired the\n\nsame in the first instance, and may make improvements thereon for\n\ncommercial and industrial purposes as an investment for the\n\nproduction of income. The phrase \"commercial and industrial\n\npurposes\" shall not include real property primarily intended for use\n\nor valued as agricultural, horticultural, farm, and ranch, unless\n\nadjacent to other real property the ownership of which is permitted\n\nunder this section and was acquired prior to July 1, 2006. The\n\ntotal amount invested in such real property and improvements thereon\n\nshall not exceed the company's capital and/or surplus, or ten\n\npercent (10%) of its admitted assets whichever is the lesser;\n\nprovided, however, the amount invested in any one investment shall\n\nnot exceed four percent (4%) of the company's admitted assets. The\n\nadmitted assets shall be determined by the company's last annual\n\nreport made as of December 31, immediately preceding and which has\n\nbeen filed with the Insurance Commissioner as required by law, or as\n\nshown by a current financial statement on file with the\n\nCommissioner;\n\n7. Real property acquired and held under Section 1612.1 of this\n\ntitle; and\n\n8. Subject to specific limitations otherwise applicable, no\n\nmore than an aggregate of thirty-five percent (35%), except as\n\nprovided in paragraph 1 of subsection C of Section 1622 of this\n\ntitle, of the company's admitted assets may be invested in real\n\nproperty pursuant to this section, purchase money mortgages pursuant\n\nto Section 1623 of this title, and mortgage loans pursuant to\n\nSection 1622 of this title.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"26c8f83507bba8623f2c4fce844a73732561fbae5e499f992ea0cf7ffbf552f2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1623","next":"us-ok/okla.-stat.-tit.-36-36-1625"},"notice":"GroundRules: Original legal text. Not legal advice."}