An administrator shall discharge the administrator's duties with respect to a plan or a life insurer:
(1) solely in the interest of providing to the plan's participants and beneficiaries the benefits to which they are entitled under the plan or on behalf of a life insurer;
(2) for the exclusive purpose of providing benefits to the plan's participants and beneficiaries and defraying reasonable expenses of administering the plan or on behalf of a life insurer;
(3) with the care, skill, prudence, and diligence that a prudent person acting in a similar capacity and under similar circumstances would use to conduct an enterprise of similar character and with similar aims;
(4) if applicable, by diversifying the investments of the plan or the life insurer to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and
(5) in accordance with the documents and instruments governing the plan or the life insurer to the extent that the documents and instruments are not inconsistent with this subtitle.
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2019, c. 100, § 1, eff. Oct. 1, 2019.
Formerly Art. 48A, § 686.
MD Code, Insurance, § 8-310, MD INSURANCE § 8-310
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.