41-4015. Prohibited pecuniary interests in plan management. (1) No trustee, administrator, or other person having responsibility for the management of a self-funded plan or the investment or other handling of trust funds shall:
(a) Receive directly or indirectly or be pecuniarily interested in any fee, commission, compensation, or emolument, other than salary or other similar compensation regularly fixed and allowed for services regularly rendered to the plan, arising out of any transaction to which the trust fund is or is to be a party.
(b) Receive compensation as a consultant to the plan while also acting as a trustee or administrator, or as an employee of either.
(c) Have any direct or indirect material pecuniary interest in any loan or investment of the trust fund.
(2) No consultant to the plan or trust fund shall directly or indirectly receive or be pecuniarily interested in any commission or other compensation arising out of any contract or transaction between the plan or trust fund and any insurer, health care service corporation, health maintenance organization or other provider of health care services or of drugs or other health care needs and supplies.
(3) The director may, after reasonable notice and a hearing, require removal of a trustee or prohibit the trustee from employing or retaining or continuing to employ or retain any person in the administration of the trust fund or plan upon finding that continuation of the trustee or such employment or retention involves a conflict of interest not in the best interests of the plan or adversely affecting interests of beneficiaries.
41-4015. Prohibited pecuniary interests in plan management. (1) No trustee, administrator, or other person having responsibility for the management of a self-funded plan or the investment or other handling of trust funds shall:
(a) Receive directly or indirectly or be pecuniarily interested in any fee, commission, compensation, or emolument, other than salary or other similar compensation regularly fixed and allowed for services regularly rendered to the plan, arising out of any transaction to which the trust fund is or is to be a party.
(b) Receive compensation as a consultant to the plan while also acting as a trustee or administrator, or as an employee of either.
(c) Have any direct or indirect material pecuniary interest in any loan or investment of the trust fund.
(2) No consultant to the plan or trust fund shall directly or indirectly receive or be pecuniarily interested in any commission or other compensation arising out of any contract or transaction between the plan or trust fund and any insurer, health care service corporation, health maintenance organization or other provider of health care services or of drugs or other health care needs and supplies.
(3) The director may, after reasonable notice and a hearing, require removal of a trustee or prohibit the trustee from employing or retaining or continuing to employ or retain any person in the administration of the trust fund or plan upon finding that continuation of the trustee or such employment or retention involves a conflict of interest not in the best interests of the plan or adversely affecting interests of beneficiaries.
41-4015. Prohibited pecuniary interests in plan management. (1) No trustee, administrator, or other person having responsibility for the management of a self-funded plan or the investment or other handling of trust funds shall:
(a) Receive directly or indirectly or be pecuniarily interested in any fee, commission, compensation, or emolument, other than salary or other similar compensation regularly fixed and allowed for services regularly rendered to the plan, arising out of any transaction to which the trust fund is or is to be a party.
(b) Receive compensation as a consultant to the plan while also acting as a trustee or administrator, or as an employee of either.
(c) Have any direct or indirect material pecuniary interest in any loan or investment of the trust fund.
(2) No consultant to the plan or trust fund shall directly or indirectly receive or be pecuniarily interested in any commission or other compensation arising out of any contract or transaction between the plan or trust fund and any insurer, health care service corporation, health maintenance organization or other provider of health care services or of drugs or other health care needs and supplies.
(3) The director may, after reasonable notice and a hearing, require removal of a trustee or prohibit the trustee from employing or retaining or continuing to employ or retain any person in the administration of the trust fund or plan upon finding that continuation of the trustee or such employment or retention involves a conflict of interest not in the best interests of the plan or adversely affecting interests of beneficiaries.
