No retirement system may submit a proposed regulation, or approve any internal policy to relieve a fiduciary from responsibility for breach of fiduciary duty.  However, a system may purchase insurance to cover liability or losses due to acts or omissions of fiduciaries.  Any such insurance shall maintain the insurance company’s right of subrogation.  A fiduciary may purchase insurance to cover his own liability, without condition.  

Acts 1992, No. 1046, §1, eff. July 1, 1993.