Md. Code, Insurance § 14-115.1
This is the official text of Md. Code, Insurance § 14-115.1, part of Maryland’s Code, Insurance — regulates insurance companies and the policies they sell.
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§14–115.
Official statutory text
§14–115.1.
(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.
(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.
Status: in_force · Read it on the official government site
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