Ch. 36                                          1995 LAWS OF MARYLAND

8-314. ERRORS AND OMISSIONS POLICY.

ON REQUEST OF THE COMMISSIONER, AN ADMINISTRATOR SHALL SUBMIT TO
THE COMMISSIONER A COPY OF ANY ERRORS AND OMISSIONS POLICY COVERING
THE ADMINISTRATOR.

REVISOR'S NOTE: This section formerly was Art. 48A, § 689(c).

The only changes are in style.

Defined terms: "Administrator" § 8-301
"Commissioner" § 1-101

8-315. WAIVER OF LIABILITY BY ADMINISTRATOR VOID; LIABILITY INSURANCE.

(A)     WAIVER OF LIABILITY BY ADMINISTRATOR VOID.

A PROVISION IN AN AGREEMENT OR INSTRUMENT THAT RELATES TO THE
ADMINISTRATION OF A PLAN THAT PURPORTS TO RELIEVE AN ADMINISTRATOR
FROM RESPONSIBILITY OR LIABILITY FOR A DUTY OR REQUIREMENT IMPOSED
UNDER THIS SUBTITLE IS VOID AS AGAINST PUBLIC POLICY.

(B)     LIABILITY INSURANCE.
NOTWITHSTANDING SUBSECTION (A) OF THIS SECTION:

(1)      A PLAN MAY PURCHASE INSURANCE FOR ITS ADMINISTRATORS OR
FOR ITSELF TO COVER LIABILITY OR LOSSES THAT OCCUR BECAUSE OF AN ACT OR
OMISSION OF AN ADMINISTRATOR IF THE INSURANCE ALLOWS RECOURSE BY THE
INSURER AGAINST THE ADMINISTRATOR IN A CASE OF BREACH OF RESPONSIBILITY
UNDER THIS SUBTITLE BY THE ADMINISTRATOR;

(2)      AN ADMINISTRATOR MAY PURCHASE INSURANCE TO COVER THE
ADMINISTRATOR'S POSSIBLE LIABILITY UNDER THIS SUBTITLE IF THE INSURANCE IS
OBTAINED FOR AND PAID FROM THE ADMINISTRATOR'S OWN ACCOUNT; OR

(3)      AN EMPLOYER OR AN EMPLOYEE ORGANIZATION MAY PURCHASE
INSURANCE TO COVER POSSIBLE LIABILITY OF ONE OR MORE PERSONS THAT ACT
AS ADMINISTRATORS WITH RESPECT TO A PLAN.

REVISOR'S NOTE: This section formerly was Art. 48A, § 688.

The only changes are in style.

Defined terms: "Administrator" § 8-301
"Employee organization" § 8-301
"Employer" § 8-301
"Insurance" § 1-101
"Insurer" § 1-101
"Person" § 1-101
"Plan" § 8-301

- 1108 -