Section 654 - Real estate which may be acquired, held, and conveyedA domestic stock fire, stock marine, or stock fire and marine insurance company may, directly or indirectly, alone or in combination with one or more other persons or entities (except that no domestic stock fire, stock marine, or stock fire and marine insurance company may participate in a general partnership), acquire by purchase, lease or otherwise or receive, hold, or convey real estate, or any interest therein:
(a) Required for its convenient accommodation in the transaction of its business, including residential real estate purchased from employes transferred or about to be transferred to new places of employment with such company.(b) Conveyed to it in satisfaction of debts previously contracted in the course of its dealing.(c) Purchased at sales upon judgments, decrees, or mortgages, obtained or made for debts due the company, or for debts due other persons where said company may have liens or encumbrances on the same, and the purchase is deemed necessary to save the company from loss.(d) Reasonably necessary for the purpose of maintaining or enhancing the sale value of real property previously acquired or held by it under subsection (a), (b), (c) or (e).(e) As an investment for the production of income or capital appreciation, or so acquired for development, improvement, maintenance or construction and maintenance for such investment purposes. Provided that the aggregate cost of investments in unimproved real estate under this clause (e) shall not exceed the lesser of ten per centum (10%) of the company's admitted assets or forty-five per centum (45%) of its capital and surplus.1921, May 17, P.L. 682, art. V, § 519. Amended 1965, June 2, P.L. 77, § 4; 1989, Dec. 22, P.L. 755, No. 106, § 3, imd. effective; 1992, Dec. 18, P.L. 1519, No. 178, § 13, effective in 120 days.