(1) A domestic insurance company may invest in real estate for the production of income, subject to the following provisions: (a) The aggregate investments by a company which may be admitted assets under this section shall not exceed ten percent of the company's admitted assets. (b) The investment in any single parcel of real estate which may be an admitted asset under this section shall not exceed five percent of the company's admitted assets. (c) Real estate qualifying as an admitted asset under section 10-3-218 or 10-3-219 may, at the option of the company, be an admitted asset under this section if such real estate is otherwise eligible under the provisions of this section. (2) (a) "Real estate", as used in this section, means real property; interests in real property, such as leaseholds; minerals and oil and gas that have not been severed from the fee interest; and improvements and fixtures located on or in real property. (b) "Real estate" does not include mineral estates that have been severed from the fee interest.
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