(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.
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