§5–604.

    (a)    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)    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.