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Code · Louisiana · Title 11 — Consolidated Public Retirement

RS 11:264.8

84 words·~1 min read·/la/title-11/11-644

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RS 11:264.8
§264.8. System policy regarding breach of fiduciary duty
No retirement system may submit a proposed regulation, or approve any internal policy to relieve a fiduciary from responsibility for breach of fiduciary duty. However, a system may purchase insurance to cover liability or losses due to acts or omissions of fiduciaries. Any such insurance shall maintain the insurance company's right of subrogation. A fiduciary may purchase insurance to cover his own liability, without condition.
Acts 1992, No. 1046, §1, eff. July 1, 1993.
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