California Government Code

§ 7511

GOV § 7511Div. 7 · Title 1 · Ch. 21 · Art. 1

Statute text

Notwithstanding any other provision to the contrary:

(a)A public retirement system may purchase insurance for its fiduciaries or for itself to cover liability or losses occurring by reason of the act or omission of a fiduciary, if the insurance permits recourse by the insurer against the fiduciary in the case of a breach of a fiduciary obligation by the fiduciary.

(b)A fiduciary may purchase insurance to cover liability under this section from and for his or her own account.

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Legislative history

Added by Stats. 1984, Ch. 1503, Sec. 4.