2009 Washington Code
Title 48 - Insurance
Chapter 48.90 - Child day care centers -- Self-insurance.
48.90.090 - Standard of care in fund management -- Fiduciary.
Standard of care in fund management — Fiduciary.
In managing the assets of the contributing trust fund, the association shall exercise the reasonable judgment and care that ordinary persons of prudence, intelligence, and discretion exercise in the sound management of their affairs, not in regard to speculation but in regard to preservation of their funds with maximum return, given the information reasonably available. The association may delegate this duty to a responsible fiduciary. If the fiduciary has special skills or represents that it has special skills, then the fiduciary is under a duty to use those skills in the management of the fund's assets.
[1986 c 142 § 9.]
Disclaimer: These codes may not be the most recent version. Washington may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
