Section 5-604 - Authorization of investments and loans. - Maryland Statutes

§ 5-604. Authorization of investments and loans.
 

(a)  Required.- 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)  Duties of committee.- 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. 
 

[An. Code 1957, art. 48A, § 100; 1995, ch. 36.]