§ 38.2-1408. Authorization of investments
No domestic insurer shall make any loan, investment, or any sale or exchange of a loan or investment, except policy loans of an insurer issuing life insurance policies or annuities, unless authorized or approved. Authorization or approval shall be made by (i) its board of directors, or other governing body, or (ii) a committee authorized by the governing body or bylaws, to make investments, loans, sales or exchanges. The minutes of the committee shall be recorded, and reports of the investments, loans, sales or exchanges authorized or approved shall be submitted to the board or other governing body at its next meeting.
(1983, c. 457, § 38.1-217.9; 1986, c. 562.)
Sections: Previous 38.2-1401 38.2-1402 38.2-1403 38.2-1404 38.2-1405 38.2-1406 38.2-1407 38.2-1408 38.2-1409 38.2-1410 38.2-1411 38.2-1411.1 38.2-1411.2 38.2-1412 38.2-1413 NextLast modified: April 3, 2009