§ 1-743. Exculpatory provisions; insurance.

Current through October 23, 2012

(a) Any provision in an agreement or instrument which purports to relieve a fiduciary from responsibility or liability for any responsibility, obligation, or duty under this subchapter shall be void as against public policy.

(b) Nothing in this section shall preclude:

(1) The Board from purchasing insurance for its fiduciaries or for itself to cover liability or losses occurring by reason of the act or omission of a fiduciary, if such insurance permits recourse by the insurer against the fiduciary in the case of a breach of a fiduciary obligation by such fiduciary;

(2) A fiduciary from purchasing insurance to cover liability under this subchapter from and for his own account; or

(3) An employee organization from purchasing insurance to cover potential liability of one or more persons who serve in a fiduciary capacity with regard to the Fund from which the annuities and other retirement and disability benefits of the members of such employee organization are paid.

                
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(Nov. 17, 1979, 93 Stat. 866, Pub. L. 96-122, § 183.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 1-743.

1973 Ed., § 1-1843.