[§432D-4] Fiduciary responsibilities. (a) Any director, officer, employee, or partner of a health maintenance organization who receives, collects, disburses, or invests funds in connection with the activities of an organization shall be responsible for the funds in a fiduciary relationship to the organization.
(b) A health maintenance organization shall maintain in force a fidelity bond or fidelity insurance on such employees, officers, directors, and partners in an amount not less than $250,000 for each health maintenance organization or a maximum of $5,000,000 in aggregate maintained on behalf of health maintenance organizations owned by a common parent corporation, or such sum as may be prescribed by the commissioner. [L 1995, c 179, pt of §1]
Section: Previous 432d-1 432d-1.5 432d-2 432d-3 432d-4 432d-5 432d-6 432d-7 432d-8 432d-9 432d-9.5 432d-10 432d-11 432d-12 432d-13 NextLast modified: October 27, 2016