California · Financial Code

FIN §18496.1: (a) A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liability for acts of fraud, willful misconduct, or reckless or criminal acts arising out of, or in conne

Civil

What this law says, in plain English

Thrift Guaranty Corporation directors, officers, employees, and agents are liable for fraud, willful misconduct, reckless acts, or criminal acts performed in their duties. The board must obtain errors and omissions insurance and report coverage details to the commissioner.

Read the full statutory text

(a) A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liability for acts of fraud, willful misconduct, or reckless or criminal acts arising out of, or in connection with, the performance of his or her duties on behalf of Thrift Guaranty Corporation, but shall not be subject to liability or causes of action for acts other than those set forth in this section. (b) The board of directors shall exercise reasonable efforts to obtain directors, officers, employees, and agents, errors and omissions liability insurance coverage and shall within 30 days from the end of each fiscal year submit to the commissioner its reports, advising the commissioner of the terms and costs of such coverage, if available.

Verify at the official source: California legislative text

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