Md. Code, Ins. § 5-604 : INSURANCE — ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS — INVESTMENTS OF INSURERS OTHER THAN LIFE INSURERS —604 - Authorization of investments and loans

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(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.

Md. Code, IN § 5-604