§ 23-1-37-14 — Insurance against liability

Indiana § 23-1-37-14

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 37: Indemnification of Directors, Officers, Employees, and

Text

A corporation may purchase and maintain
insurance on behalf of an individual who is or was a director, officer,
employee, or agent of the corporation, or who, while a director, officer,
employee, or agent of the corporation, is or was serving at the request
of the corporation as a director, officer, partner, member, manager,
trustee, employee, or agent of another foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee
benefit plan, or other enterprise, against liability asserted against or
incurred by the individual in that capacity or arising from the
individual's status as a director, officer, member, manager, employee,
or agent, whether or not the corporation would have power to
indemnify the individual against the same liability under section 8 or
9 of this chapter. The:
(1) corporation may purchase insurance under this section from;
and
(2) insurance purchased under this section may be reinsured in
whole or in part by;
an insurer that is owned by or otherwise affiliated with the corporation
whether the insurer does or does not do business with other persons.

Legislative History

As added by P.L.149-1986, SEC.21. Amended by P.L.8-1993, SEC.300; P.L.8-1993, SEC.305; P.L.1-1994, SEC.116.