§431:6-404  Authorization of investments. No investment, loan, sale, or exchange, except a loan upon a life insurancepolicy, shall be made by any domestic insurer unless authorized or approved byits board of directors or by a committee charged by the board of directors, orthe bylaws with the duty of making such investment, loan, sale, or exchange. The minutes of any such committee shall be recorded and reports shall besubmitted to the board of directors for approval or disapproval. [L 1987, c347, pt of §2]