29 U.S. Code § 1110 - Exculpatory provisions; insurance

(a) Except as provided in sections 1105 (b)(1) and 1105 (d) of this title, 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 part shall be void as against public policy.
(b) Nothing in this subpart  [1] shall preclude—
(1) a plan 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 part from and for his own account; or
(3) an employer or an employee organization from purchasing insurance to cover potential liability of one or more persons who serve in a fiduciary capacity with regard to an employee benefit plan.


[1]  So in original. This part does not contain subparts.

Source

(Pub. L. 93–406, title I, § 410,Sept. 2, 1974, 88 Stat. 886.)

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.