Okla. Stat. tit. 36, § 36-1604: Approval of investment

No investment or loan shall be made by an insurer unless the

same has been authorized or approved by the insurer's board of

directors or by a committee or corporate officer 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 such 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.