EXCULPATORY PROVISIONS; INSURANCE

EXCULPATORY PROVISIONS; INSURANCE Sec. 410. [1110] (a) Except as provided in sections 405(b)(1) and 405(d), 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.