§ 1110. Exculpatory provisions; insurance

Footnotes

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

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1974

   Employee Retirement Income Security Act of 1974

   Pub. L. 93–406 title I § 410 · 88 Stat. 829

   Enacted · 29 U.S.C. § 1110

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

   Source evidence

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

   Enacted provision · exact public law section
   Sec. 410. exculpatory provisions; insurance (a) Except as provided in sections 405(b)(1) and 405(d), 29 USC 1110. 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 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 of 1 references resolved to an enrolled provision