                                 CODE OF VIRGINIA

AUTHORIZATION OF INVESTMENTS (§ 38.2-1408)

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.

HISTORY: 1983, c. 457, § 38.1-217.9; 1986, c. 562.