Ark. Code Ann. § 23-63-804: Authorization of investment

(a) An insurer shall not make any investment or loan, other than policy loans or annuity contract loans of a life insurer, unless the insurer is authorized or approved 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.

(b) The minutes of the committee shall be recorded, and regular reports of the committee shall be submitted to the board of directors.