APPENDIX A The restrictions placed on the ownership of real estate by the New York Insurance Law are as follows: § 20. Every insurance corporation transacting business in this state may purchase, hold and convey real property only for the following purposes and in the following manner: "1. The building in which it has its principal office and the land upon which it stands. "2. Such as shall be requisite for its convenient accommodation in the 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 moneys due. "5. Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings. "6. Such as shall have been purchased at sales upon judgments, decrees or mortgages obtained or made for such debts. "7. Such as shall have been acquired under sections thirteen and fourteen of the general corporation law." [189] APPENDIX B The requirements relative to the disposition of real estate in New York are illustrated by the following quotation from section 20 of the Insurance Law: "All such real property specified in subdivisions three, four, five, six and seven of this section, as shall not be necessary for its accommodation in the convenient transaction of its business, shall be sold and disposed of within five years after it shall have acquired title to the same, or within five years after the same shall have ceased to be necessary for the accommodation of its business, and it shall not hold such property for a longer period unless it shall procure a certificate from the superintendent of insurance that its interests will suffer materially by the forced sale thereof, in which event the time for the same may be extended to such time as the superintendent shall direct in such certificate. If it is a domestic marine insurance corporation, it may also acquire and hold such real property within the state or upon or in its waters as is or may be adapted to or available for use in protecting, storing and caring for wrecked vessels or cargoes, or in protecting, storing and caring for such vessels and appliances as are or may be employed for assisting the same, or is or may be adapted to or available for other purposes of or incident to marine salvage service, and may manage and dispose of such real property in the same manner and with like effect as if it were an unincorporated owner thereof. No real property shall be acquired by any domestic life insurance corporation under subdivisions one or two hereof or under section fourteen of the general corporation law and no real property within the state shall be acquired by any foreign life insurance corporation under subdivision two hereof, except with the approval of the superintendent of insurance. No real property shall be disposed of by any domestic life insurance corporation and no real property within the state shall be disposed of by any foreign life insurance corporation, by exchange for other real property, wherever situated, as the consideration for the transfer in whole or part, unless the acquisition of the latter shall be requisite for the convenient accommodation of the corporation in the transaction of its business and shall be approved by the superintendent." |