2011 ORS § 733.730¹
Approval by board of directors of investments and deposits
(1) Investments and sales or exchanges thereof, except for policy loans of an insurer issuing life insurance policies, shall be approved by the board of directors or a committee thereof charged with the duty of investing the funds of the insurer.
(2) Deposits shall be made in banks or banking institutions approved by the board of directors. [Formerly 738.335 [bad link]]