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



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



(1)  A plan from purchasing insurance for its
fiduciaries or for itself to cover liability or losses occurring by reason of
the act or omission of a fiduciary in the case of a breach of a fiduciary
obligation by the fiduciary, if the insurance permits recourse by the insurer
against the fiduciary in the case of a breach of fiduciary obligation by the
fiduciary;



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



(3)  An employee organization from purchasing
insurance to cover potential liability of one or more persons who serve in a
fiduciary capacity with regard to an employee welfare benefit plan. [L 2005, c
245, pt of §2]