§ 5-604
75 words·~1 min read·
/md/insurance/5-604A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§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.