Section 1200 Of Article 4. Property Authorized For Excess Funds Investments From California Insurance Code >> Division 1. >> Part 2. >> Chapter 2. >> Article 4.

. An excess funds investment shall not be made unless authorized or approved by the directors of the investor or by a committee thereof charged with the duty of supervising or making such investment. Such authorization or approval shall be entered upon the records or minutes of the investor and, if made upon authority of such a committee a report shall be submitted to the directors at their next meeting.