§36-1604. Approval of investment.
98 words·~1 min read·
/ok/title-36-insurance/36-1604·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No investment or loan shall be made by an insurer unless the same has been authorized or approved by the insurer's board of directors or by a committee or corporate officer authorized thereby and charged with the duty of supervising or making such investment or loan. The minutes of any such committee shall be recorded and regular reports of such committee shall be submitted to the board of directors. This section does not apply to loans made by a life insurer on policies or annuity contracts. Laws 1957, p. 286, § 1604; Laws 1965, c. 123, § 3.