Section 5-604 - Authorization of investments and loans.
§ 5-604. Authorization of investments and loans.
(a) Required.- An insurer may not make an investment or loan unless the investment or loan is authorized by:
(1) the board of directors of the insurer; or
(2) a committee authorized by the board of directors of the insurer to supervise or make investments and loans.
(b) Duties of committee.- The committee described in subsection (a)(2) of this section shall:
(1) record its minutes; and
(2) submit regular reports of the committee to the board of directors.
[An. Code 1957, art. 48A, § 100; 1995, ch. 36.]