Directors and Officers, including s. 145 indemnification and insurance

What this document is

Delaware Code Title 8, Chapter 1, Subchapter IV (ss. 141-147): Directors and Officers, including s. 145 indemnification and insurance is a state statute published by Delaware General Assembly, Delaware Code Online (delcode.delaware.gov). It is one of the Delaware documents that insurance license exam questions are written from, including delaware property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 8 Del. C. § 145(g)

  “A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,...”

• 8 Del. C. § 145(g)(1)

  “established by a final, nonappealable adjudication in the underlying proceeding in respect of such claim (which shall not include an action or proceeding initiated by the insurer or the insured to determine coverage under the policy), unless and only to the extent such person is entitled to be...”

• 8 Del. C. § 145(g)(3)

  “Require that, prior to any payment under such insurance in connection with any dismissal or compromise of any action, suit or proceeding brought by or in the right of a corporation as to which notice is required to be given to stockholders, such corporation shall include in such notice that a...”

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