Louisiana Revised Statutes 22:405 – Bylaws and plan of operation benefits
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Terms Used In Louisiana Revised Statutes 22:405
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
Every trust fund shall establish in its bylaws and plan of operation a schedule of benefits, to be approved by the commissioner, governing the indemnification of beneficiaries of the trust. The schedule of benefits shall include all conditions, limitations, and exclusions relevant to indemnification.
Acts 1986, No. 574, §2; Redesignated from La. Rev. Stat. 22:2045 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.