§ 5-604. Authorization of investments and loans

Latest version.

   (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.

HISTORY: An. Code 1957, art. 48A, § 100; 1995, ch. 36.

                    
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