83-41-311 - Bonds or insurance for directors, officers, employees, partners and contractors.
§ 83-41-311. Bonds or insurance for directors, officers, employees, partners and contractors.
(1) Any director, officer, employee, contractor or partner of a health maintenance organization who receives, collects, disburses or invests funds in connection with the activities of such organization shall be responsible for the funds in a fiduciary relationship to the organization.
(2) A health maintenance organization shall maintain in force a fidelity bond or fidelity insurance on employees and 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.
Sources: Laws, 1995, ch. 613, § 6, eff from and after July 1, 1995.