(a) 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 subchapter shall be void as against public policy.
(b) Nothing in this section shall preclude:
(1) The Board 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 subchapter from and for his own account; or
(3) An employee organization from purchasing insurance to cover potential liability of one or more persons who serve in a fiduciary capacity with regard to the Fund from which the annuities and other retirement and disability benefits of the members of such employee organization are paid.
(Nov. 17, 1979, 93 Stat. 866, Pub. L. 96-122, § 183.)
Prior Codifications1981 Ed., § 1-743.
1973 Ed., § 1-1843.