29 U.S.C. § 1110 — Exculpatory provisions; insurance
submitted 52 years ago by Pub. L. 93-406 to r/title-29-LABOR · 156 words · no verdicts yet
Except for the stated provisions, an agreement cannot excuse a fiduciary from duties or liability under this part. A plan may buy fiduciary insurance with recourse against a breaching fiduciary; a fiduciary may buy personal insurance; and an employer or employee organization may insure people serving as plan fiduciaries.
(a) Except as sections 1105(b)(1) and 1105(d) provide, an agreement or other instrument cannot validly excuse a fiduciary from responsibility or liability for a responsibility, obligation, or duty under this part.
(b) This subpart does not prevent— (1) a plan* from buying insurance for its fiduciaries or itself against liability or losses caused by a fiduciary’s act or omission, if the insurer can recover from the fiduciary when the fiduciary breaches a duty; (2) a fiduciary from buying insurance, at the fiduciary’s own expense, for liability under this part; or (3) an employer* or employee organization* from buying insurance for possible liability of one or more people serving as fiduciaries for an employee benefit plan*.
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.
Nothing in this subpart 1 shall preclude—
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;
a fiduciary from purchasing insurance to cover liability under this part from and for his own account; or
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*.
Source credit: (Pub. L. 93–406, title I, § 410, Sept. 2, 1974, 88 Stat. 886.)
- 1974Enacted · Pub. L. 93-406 · 88 Stat. 886
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-406 on 1974-09-02.
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