374.217. Covenant not to sue officers of insurer, prohibited--no force and effect.
Covenant not to sue officers of insurer, prohibited--no force andeffect.
374.217. 1. The director or any other employee of the department ofinsurance, financial institutions and professional registration shall notenter into any covenant not to sue or any agreement to defer, refrain ordesist from instituting or asserting against any officer or director of anyinsurer or any other person or entity in the business of insurance andregulated by the department any claim, demand, action or suit, eitheradministrative or judicial, for injuries, damages or penalties to the stateor any person or property.
2. Any covenant or agreement entered into in derogation of subsection1 of this section, shall be deemed to be in violation of the public policyof this state that the general assembly shall by law provide adequateregulation of insurers in order to protect citizens of this state; and thatthe department shall carry out and enforce such regulation. The courts ofthis state shall not enforce or give effect to any such covenant oragreement.
(L. 1991 H.B. 385, et al. § 109, A.L. 2008 S.B. 788)