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
(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.