A domestic insurance company may acquire, hold, and convey only the real property that has been: 1. Mortgaged to it in good faith by way of security for loans previously contracted or for moneys due to it. 2. Conveyed to it in satisfaction of debts previously contracted in the course of its dealings. 3. Purchased at sales on judgments, decrees, or mortgages obtained or made for debts previously contracted in the course of its dealings. 4. Acquired as an investment for the production of income or has been acquired to be improved or developed for an investment for the production of income as provided by law. Any company may improve real property so acquired or remodel existing improvements and exchange the real property for other real property or securities, and real property acquired by the exchange may be improved or the improvements remodeled.
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