(1) No investment, loan, or sale thereof shall, except as to loans on a life insurance company's policies or annuity and supplementary contracts, be made by any domestic insurance company:
(a) Without the advance approval of its board of directors or of a committee appointed by such board and charged with the duty of making such investments, loans, or sales or of an officer charged with such duty; or
(b) Unless the transaction is:
(I) Transacted in compliance with a written policy or plan approved by its board of directors prior to the transaction; and
(II) Ratified by such board or by a committee appointed by such board charged with the duty of reviewing such investments, loans, and sales at a meeting held not less than quarterly.
(2) A permanent written record of all such investments, loans, and sales shall be maintained by the company.
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