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Maryland Code, Insurance § 14-115.1

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this section, “officer” means any officer that a Maryland corporation is required or permitted to have under § 2-412 of the Corporations and Associations Article.

(b)(1) An officer of a nonprofit health service plan shall act:

(i) in good faith;

(ii) in a manner that is reasonably believed to be in the best interests of the corporation and its controlled affiliates or subsidiaries that offer health benefit plans;

(iii) in a manner that is consistent with the mission of a nonprofit health service plan as required under § 14-102(c) of this subtitle; and

(iv) with the care that an ordinarily prudent person in a like position would use under similar circumstances.

(2) Except for the receipt of reasonable remuneration in conformity with § 14-139 of this subtitle, an officer of a nonprofit health service plan may not use the position of officer for personal or financial enrichment.

(3) A violation of this subsection shall be considered an unsound or unsafe business practice under § 14-116 of this subtitle.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 14-115.1 - last updated January 01, 2025 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-14-115-1/

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