HRS §412:10-701
Credit union can buy insurance for its leaders and staff
This section lets a credit union buy and keep insurance for people who serve it, like directors, officers, employees, or agents. It also covers people serving at the credit union's request in another organization. The insurance protects them against claims made because of their role.
The statute, as written — Liability insurance for officers
A credit union may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person's status as such, whether or not the credit union would have the power to indemnify such person against such liability.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.