1. (a) An insurer may not make an investment or loan unless the investment or loan is authorized by:

   1. (1) the board of directors of the insurer; or
   2. (2) a committee authorized by the board of directors of the insurer to supervise or make investments and loans.

2. (b) The committee described in subsection (a)(2) of this section shall:

   1. (1) record its minutes; and
   2. (2) submit regular reports of the committee to the board of directors.

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.

Formerly Art. 48A, § 100.