16-10a-908 - Insurance. - Utah Statutes

16-10a-908. Insurance.
A corporation may purchase and maintain liability insurance on behalf of a person who isor was a director, officer, employee, fiduciary, or agent of the corporation, or who, while servingas a director, officer, employee, fiduciary, or agent of the corporation, is or was serving at therequest of the corporation as a director, officer, partner, trustee, employee, fiduciary, or agent ofanother foreign or domestic corporation or other person, or of an employee benefit plan, againstliability asserted against or incurred by him in that capacity or arising from his status as a director,officer, employee, fiduciary, or agent, whether or not the corporation would have power toindemnify him against the same liability under Section 16-10a-902, 16-10a-903, or 16-10a-907.Insurance may be procured from any insurance company designated by the board of directors,whether the insurance company is formed under the laws of this state or any other jurisdiction ofthe United States or elsewhere, including any insurance company in which the corporation has anequity or any other interest through stock ownership or otherwise.

Enacted by Chapter 277, 1992 General Session