Sec. 14. A corporation may purchase and maintain insurance on behalf of an individual who is or was a director, officer, employee, or agent of the corporation, or who, while a director, officer, employee, or agent of the corporation, is or was serving at the request of the corporation as a director, officer, partner, member, manager, trustee, employee, or agent of another foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan, or other enterprise, against liability asserted against or incurred by the individual in that capacity or arising from the individual's status as a director, officer, member, manager, employee, or agent, whether or not the corporation would have power to indemnify the individual against the same liability under section 8 or 9 of this chapter. The:
(1) corporation may purchase insurance under this section from; and
(2) insurance purchased under this section may be reinsured in whole or in part by;
an insurer that is owned by or otherwise affiliated with the corporation whether the insurer does or does not do business with other persons.
As added by P.L.149-1986, SEC.21. Amended by P.L.8-1993, SEC.300; P.L.8-1993, SEC.305; P.L.1-1994, SEC.116.
Structure Indiana Code
Title 23. Business and Other Associations
Article 1. Indiana Business Corporation Law
Chapter 37. Indemnification of Directors, Officers, Employees, and Agents
23-1-37-1. "Corporation" Defined
23-1-37-4. "Liability" Defined
23-1-37-5. "Official Capacity" Defined
23-1-37-7. "Proceeding" Defined
23-1-37-8. Indemnification of Director Against Liability
23-1-37-9. Mandatory Indemnification of Director Against Expenses
23-1-37-10. Reimbursement of Expenses in Advance of Final Disposition
23-1-37-11. Application to Court for Indemnification
23-1-37-12. Authorization of Indemnification
23-1-37-13. Officers, Employees, and Agents; Indemnification and Advance of Expenses
23-1-37-14. Insurance Against Liability
23-1-37-15. Indemnification Rights Under Articles of Incorporation, Bylaws, or Resolutions