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.

2. (b)

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

      1. (i) in good faith;
      2. (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;
      3. (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
      4. (iv) with the care that an ordinarily prudent person in a like position would use under similar circumstances.
   2. (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. (3) A violation of this subsection shall be considered an unsound or unsafe business practice under § 14-116 of this subtitle.

Added by Acts 2004, c. 257, § 1, eff. June 1, 2004.