31A-5-415. Officers', directors', and employees' liability and indemnification.
(1) Sectionapplies to the liabilities of directors of a stock corporation. 16-10a-841 Subsectionapplies to loans to trustees and officers of a mutual. 16-6a-825(3) A director who votes for or assents to a violation of Subsectionor Sectionis jointly and severally liable to the corporation for any loss on the distribution. 16-6a-825(3) 16-10a-842
(2) , applies to stock and mutual corporations, but no indemnification may be paid until 30 or more days after sending a notice to the commissioner of the full details of the proposed indemnification. Title 16, Chapter 10a, Part 9, Indemnification The commissioner may bring an action in a court with jurisdiction under, to have such indemnification enjoined. Title 78A, Judiciary and Judicial Administration The court may enjoin the indemnification to the extent the indemnification would render the insurer in a hazardous condition, or exacerbate an existing financially hazardous condition.