§ 8-310
173 words·~1 min read·
/md/insurance/8-310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§8–310.
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.