§ 28-13-13-14 — Liability insurance purchased and maintained by corporation

A corporation may purchase and maintain
insurance on behalf of an individual:
(1) who is or was a director, an officer, an employee, or an agent
of the corporation; or
(2) who, while a director, an officer, an employee, or an agent of
the corporation, is or was serving at the request of the corporation
as a director, an officer, a partner, a trustee, a manager, an
employee, or an agent of another foreign or domestic corporation,
partnership, joint venture, trust, limited liability company,
employee benefit plan, or other enterprise;
against liability asserted against or incurred by the individual in the
capacity described in subdivision (1) or (2). The corporation may
purchase and maintain insurance under this section whether or not the
corporation would have power to indemnify the individual against the
same liability under section 8 or 9 of this chapter.

Legislative History

As added by P.L.14-1992, SEC.163. Amended by P.L.8-1993, SEC.459.