No insurer may make any loan or investment, except the policy loans of a life insurer, or any sale or exchange unless authorized, approved, or ratified by its board of directors or other governing body or by a committee charged by the board of directors, other governing body, or the bylaws with the duty of making the investment, loan, sale, or exchange. The minutes of the committee must be submitted to the board of directors or other governing body at the next meeting of the board of directors or other governing body.