Insurance Companies Act

Marginal note:Directors’ and officers’ insurance

222 A company may purchase and maintain insurance for the benefit of any person referred to in section 221 against any liability incurred by the person

• (a) in the capacity of a director or an officer of the company, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the company; or

• (b) in the capacity of a director or officer of another entity or while acting in a similar capacity for another entity, if they act or acted in that capacity at the company’s request, except if the liability relates to a failure to act honestly and in good faith with a view to the best interests of the entity.