Arizona Revised Statutes Title 20. Insurance § 20-556. Real property

1. The land and the building thereon in which it has its principal office, and such other real property as shall be requisite for its convenient accommodation in the transaction of its business, but no such investments shall aggregate more than an amount equal to the excess of the insurer's assets over its required policy reserves plus fifty per cent of the surplus to policyholders required under this title for initial authorization for the kinds of insurance it is transacting at the time the investment is made.

2. Such real property as has been acquired in satisfaction of loans, mortgages, liens, judgments, decrees or debts previously owing to the insurer in the course of its business.

3. Such real property as has been acquired in part payment of the consideration on the sale of real property owned by it, if each transaction effected a net reduction in the insurer's investment in real property.

4. Such real property, or any interest therein, as may be acquired as an investment for the production of income, or as may be acquired to be improved or developed for such investment purpose, pursuant to an existing program therefor. An insurer shall not, except with the director's consent, have at any one time over twenty per cent of its assets invested in all its investments pursuant to this paragraph, nor more than five per cent of its assets so invested in any single parcel or related parcels of real property.

5. The seller's interest in real property subject to an agreement of purchase or sale, but the sum invested in any such parcel of real property shall not exceed two-thirds of the market value of the parcel.

6. Additional real property and equipment incident to real property, if necessary or convenient for the purpose of enhancing the sale or other value of real property previously acquired or held by it, pursuant to the provisions of paragraph 2, 3 or 4 of this section. An insurer shall not, except with the director's consent, have at any time invested in excess of ten per cent of its assets in the investments authorized by this paragraph.