29 USC 1110 - Exculpatory provisions; insurance

U.S Code last checked for updates: Apr 29, 2024

§ 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

 So in original. This part does not contain subparts.

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.

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

cite as: 29 USC 1110