Utah § 31A-5-415 Officers', directors', and employees' liability and indemnification.

Utah Statutes

§ 31A-5-415 — Officers', directors', and employees' liability and indemnification.

Utah § 31A-5-415

Title 31AInsurance Code

Ch. 31A-5Domestic Stock and Mutual Insurance Corporations

Part 31A-5-4Management of Insurance Corporations

This text of Utah § 31A-5-415 (Officers', directors', and employees' liability and indemnification.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 31A-5-415 (2026).

Text

(1)(1)(a) Section 16-10a-841 applies to the liabilities of directors of a stock corporation.

(1)(b) Subsection 16-6a-825(3) applies to loans to trustees and officers of a mutual.

(1)(c) A director who votes for or assents to a violation of Subsection 16-6a-825(3) or Section 16-10a-842 is jointly and severally liable to the corporation for any loss on the distribution.

(2)(2)(a) Title 16, Chapter 10a, Part 9, Indemnification, applies to stock and mutual corporations, but no indemnification may be paid until 30 or more days after sending a notice to the commissioner of the full details of the proposed indemnification.

(2)(b) The commissioner may bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to have such indemnification enjoined.

(2)(c)

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(1) (1)(a) Section 16-10a-841 applies to the liabilities of directors of a stock corporation.
(1)(b) Subsection 16-6a-825(3) applies to loans to trustees and officers of a mutual.
(1)(c) A director who votes for or assents to a violation of Subsection 16-6a-825(3) or Section 16-10a-842 is jointly and severally liable to the corporation for any loss on the distribution.
(2) (2)(a) Title 16, Chapter 10a, Part 9, Indemnification, applies to stock and mutual corporations, but no indemnification may be paid until 30 or more days after sending a notice to the commissioner of the full details of the proposed indemnification.
(2)(b) The commissioner may bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to have such indemnification enjoined.
(2)(c) The court may enjoin the indemnification to the extent the indemnification would render the insurer in a hazardous condition, or exacerbate an existing financially hazardous condition.