Maryland Insurance Section 5-604

      (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.