40-2b11. Policy loans.
40-2b11
40-2b11. Policy loans.Any life insurance company heretofore or hereafter organized under anylaw of this state may invest by loans or otherwise, with the direction orapproval of a majority of its board of directors or authorized committeethereof, any of its funds, or any part thereof in loans upon the securityof the policies of the company and constituting a lien thereon in an amountnot exceeding the legal reserve thereon.
History: L. 1972, ch. 179, § 11; July 1.