A.R.S. § 20-534: Approval of investment

No investment or loan shall be made by an insurer unless it has been authorized or approved by the insurer's board of directors or by a committee authorized thereby and charged with the duty of supervising or making such investment or loan. The minutes of any such committee shall be recorded and regular reports of the committee shall be submitted to the board of directors. This section does not apply to loans made by a life insurer on policies or annuity contracts.