Section 31-421 - Board of directors standard of care(a) The Comptroller, in conducting the business of the program shall act: (1) With the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims; (2) solely in the interests of the program's participants and beneficiaries; (3) for the exclusive purposes of providing benefits to participants and beneficiaries and defraying reasonable expenses of administering the program; and (4) in accordance with the provisions of section 31-71e, and sections 31-417 to 31-427, inclusive, and any other applicable sections of the general statutes.(b) The Comptroller shall, to the extent reasonable and practicable, require any vendors engaged or appointed by the Comptroller to abide by the standard of care described in subsection (a) of this section.Conn. Gen. Stat. § 31-421
( P.A. 16-29 , S. 6 ; May Sp. Sess. P.A. 16-3 , S. 100 , 207 .)
*Note: Section 12 of public act 16-29 is special in nature and therefore has not been codified but remains in full force and effect according to its terms.
Amended by P.A. 22-0118, S. 101 of the Connecticut Acts of the 2022 Regular Session, eff. 7/1/2022.Amended by P.A. 16-0003, S. 100 of the Connecticut Acts of the 2016 Special Session, eff. 1/1/2017.Added by P.A. 16-0029, S. 6 of the Connecticut Acts of the 2016 Regular Session, eff. 5/27/2016.