(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.
Structure Maryland Statutes
Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers
Subtitle 6 - Investments of Insurers Other Than Life Insurers
Section 5-601 - Scope of Subtitle
Section 5-602 - Investments of Foreign or Alien Insurers
Section 5-603 - Date When Eligibility of Investment Determined
Section 5-604 - Authorization of Investments and Loans
Section 5-605 - Prohibited Investments and Loans
Section 5-606 - Limitation on Amount of Investments
Section 5-607 - Investment Requirements