[§87D-7]  Liability for breach of fiduciaryduty.  (a)  Any person who is a fiduciary with respect to a plan and whobreaches any of the responsibilities, obligations, or duties imposed onfiduciaries by this chapter shall be personally liable to make good to the planany losses to the plan resulting from each breach, and to restore to the planany profits of the fiduciary that have been made through the use of assets ofthe plan by the fiduciary, and shall be subject to any other equitable andremedial relief as the court may deem appropriate, including removal of thefiduciary.

(b)  Any provision in any agreement orinstrument that purports to relieve a fiduciary of responsibility or liabilityfor any responsibility, obligation, or duty under this chapter shall be void asagainst public policy.  However, nothing in this section shall preclude:

(1)  A plan from purchasing insurance for itsfiduciaries or for itself to cover liability or losses occurring by reason ofthe act or omission of a fiduciary in the case of a breach of a fiduciaryobligation by the fiduciary, if the insurance permits recourse by the insureragainst the fiduciary in the case of a breach of fiduciary obligation by thefiduciary;

(2)  A fiduciary from purchasing insurance to coverliability under this chapter from and for the fiduciary's own account; or

(3)  An employee organization from purchasinginsurance to cover potential liability of one or more persons who serve in afiduciary capacity with regard to an employee welfare benefit plan. [L 2005, c245, pt of §2]