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U.S.C. Title 29 - LABOR
29 U.S.C.
United States Code, 2023 Edition
Title 29 - LABOR
CHAPTER 18 - EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM
SUBCHAPTER I - PROTECTION OF EMPLOYEE BENEFIT RIGHTS
Subtitle B - Regulatory Provisions
part 4 - fiduciary responsibility
Sec. 1110 - Exculpatory provisions; insurance
From the U.S. Government Publishing Office, www.gpo.gov
§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.
(Pub. L. 93–406, title I, §410, Sept. 2, 1974, 88 Stat. 886.)