§ 26-7-105 — Investment authorization; record

(a) No insurer shall make any investment or loan, other
than a policy loan or an annuity contract loan of a life
insurer, unless the investment or loan is authorized by the
insurer's board of directors or by a committee authorized by the
board and charged with the supervision or making of the
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.
(b) The insurer shall maintain a full record of each
investment, showing, among other pertinent information, the name
of any officer, director or principal stockholder of the insurer
having any interest in the securities, loan or property
constituting the investment, or in the person in whose behalf
the investment is made, and the nature of the interest.