38.2-1408 - Authorization of investments.
§ 38.2-1408. Authorization of investments.
No domestic insurer shall make any loan, investment, or any sale or exchangeof a loan or investment, except policy loans of an insurer issuing lifeinsurance policies or annuities, unless authorized or approved.Authorization or approval shall be made by (i) its board of directors, orother governing body, or (ii) a committee authorized by the governing body orbylaws, to make investments, loans, sales or exchanges. The minutes of thecommittee shall be recorded, and reports of the investments, loans, sales orexchanges authorized or approved shall be submitted to the board or othergoverning body at its next meeting.
(1983, c. 457, § 38.1-217.9; 1986, c. 562.)