CHAPTER 5. FIDUCIARY RESPONSIBILITIES

IC 27-13-5

    

Chapter 5. Fiduciary Responsibilities

IC 27-13-5-1

Persons having fiduciary responsibilities

    

Sec. 1. Any:

        (1) director;

        (2) officer;

        (3) employee; or

        (4) partner;

of a health maintenance organization who receives, collects,
disburses, or invests funds in connection with the activities of the
organization has a fiduciary responsibility to the organization for the
funds.

As added by P.L.26-1994, SEC.25.

IC 27-13-5-2

Fidelity bond or fidelity insurance

    

Sec. 2. A health maintenance organization shall maintain in force
a fidelity bond or fidelity insurance on the directors, officers,
employees, and partners referred to in section 1 of this chapter:

        (1) in an amount:

            (A) not less than two hundred and fifty thousand dollars
($250,000) for each health maintenance organization; or

            (B) not more than five million dollars ($5,000,000) in the
aggregate on behalf of all health maintenance organizations
owned by a common parent organization; or

        (2) in an amount prescribed by the commissioner.

As added by P.L.26-1994, SEC.25.