No investment or loan shall be made by an insurer unless it has been authorized or approved by the insurer's board of directors or by a committee authorized thereby and charged with the duty of supervising or making such investment or loan. The minutes of any such committee shall be recorded and regular reports of the committee shall be submitted to the board of directors. This section does not apply to loans made by a life insurer on policies or annuity contracts.
A.R.S. § 20-534
Approval of investment
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.