§ 26-7-113 — Disposal of ineligible investments; time limit for disposal

Any personal property or securities lawfully acquired by an
insurer which it could not otherwise have invested in or loaned
its funds upon at the time of the acquisition, shall be disposed
of within three (3) years from date of acquisition unless within
that period the security becomes an eligible investment, except
that any security or personal property acquired under any
agreement of bulk reinsurance, merger or consolidation may be
retained for a longer period if so provided in the plan for
reinsurance, merger or consolidation as the commissioner
approves under chapter 24 of this code. Upon the insurer's
application and proof that forced sale of any such property or
security would materially injure its interests, the commissioner
may extend the disposal period for an additional reasonable
time.