Insurance Companies Act

Marginal note:Directors’ and officers’ insurance

847 An insurance holding company may purchase and maintain insurance for the benefit of any person referred to in section 846 against any liability incurred by the person

• (a) in the capacity of a director or an officer of the insurance holding 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 insurance holding 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 insurance holding 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.