§ 1200
69 words·~1 min read·
/ca/insurance-code/1200A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An excess funds investment shall not be made unless authorized or approved by the directors of the investor or by a committee thereof charged with the duty of supervising or making such investment. Such authorization or approval shall be entered upon the records or minutes of the investor and, if made upon authority of such a committee a report shall be submitted to the directors at their next meeting.