A. Any director, officer, employee or partner of a health maintenance organization who receives, collects, disburses or invests funds in connection with the activities of the organization shall be responsible for such funds in a fiduciary relationship to the organization.
B. A health maintenance organization shall maintain in force a fidelity bond or fidelity insurance on the employees and officers, directors and partners described in Subsection A of this section in an amount not less than two hundred fifty thousand dollars ($250,000) for each health maintenance organization or a maximum of five million dollars ($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 superintendent.
History: 1978 Comp., § 59A-46-6, enacted by Laws 1993, ch. 266, § 6.
ANNOTATIONSRecompilations. — Laws 1993, ch. 266, § 31 recompiled former 59A-46-6 NMSA 1978, as enacted by Laws 1984, ch. 127, § 853, relating to governing bodies, as 59A-46-33 NMSA 1978, effective January 1, 1994.