{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-703.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-703.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-703.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-703.html"}],"law_id":59811,"edition_id":1,"section_id":59811,"structure_id":15231,"section_number":"13.1-703","catch_line":"Insurance","history":"Code 1950, \u00a7 13.1-3.1; 1968, c. 570; 1975, c. 500; 1979, c. 99; 1985, c. 522; 2005, c. 765; 2019, c. 734.","full_text":"A corporation may purchase and maintain insurance on behalf of an individual who is or was a director or officer of the corporation, or who, while a director or officer of the corporation, is or was serving at the request of the corporation as a director, officer, partner, trustee, employee, or agent of another entity, against liability asserted against or incurred by the individual in that capacity or arising from the individual’s status as a director or officer, regardless of whether the corporation would have power to indemnify or advance expenses to the individual against the same liability under this article.","order_by":null,"text":{"0":{"id":219025,"text":"A corporation may purchase and maintain insurance on behalf of an individual who is or was a director or officer of the corporation, or who, while a director or officer of the corporation, is or was serving at the request of the corporation as a director, officer, partner, trustee, employee, or agent of another entity, against liability asserted against or incurred by the individual in that capacity or arising from the individual’s status as a director or officer, regardless of whether the corporation would have power to indemnify or advance expenses to the individual against the same liability under this article.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15231,"edition_id":1,"name":"Indemnification","identifier":"10","label":"article","depth":3,"order_by":1,"parent_id":12983,"metadata":{},"date_created":"2026-06-26 03:53:12","date_modified":"2026-06-26 03:53:12","permalink":{"id":150265,"object_type":"structure","relational_id":15231,"identifier":"10","token":"13.1\/9\/10","url":"\/13.1\/9\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12983,"edition_id":1,"name":"Virginia Stock Corporation Act","identifier":"9","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:06","date_modified":"2026-06-26 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article","url":"\/13.1-704\/","token":"13.1\/9\/10\/13.1-704","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-703\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1968, chapter 570; in 1975, chapter 500; in 1979, chapter 99; in 1985, chapter 522; in 2005, chapter 765<\/a>; in 2019, chapter 734<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":150299,"object_type":"law","relational_id":59811,"identifier":"13.1-703","token":"13.1\/9\/10\/13.1-703","url":"\/13.1-703\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-703\/","token":"13.1\/9\/10\/13.1-703","dublin_core":{"Title":"Insurance","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-703","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A corporation<\/span> may purchase and maintain insurance on behalf of an individual<\/span> who is or was a director<\/span> or officer<\/span> of the corporation<\/span>, or who, while a director<\/span> or officer<\/span> of the corporation<\/span>, is or was serving at the request of the corporation<\/span> as a director<\/span>, officer<\/span>, partner, trustee, employee, or agent of another entity<\/span>, against liability<\/span> asserted against or incurred by the individual<\/span> in that capacity or arising from the individual<\/span>’s status as a director<\/span> or officer<\/span>, regardless of whether the corporation<\/span> would have power to indemnify or advance expenses<\/span> to the individual<\/span> against the same liability<\/span> under this article.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINSURANCE (\u00a7 13.1-703)\n\nA corporation may purchase and maintain insurance on behalf of an individual who\nis or was a director or officer of the corporation, or who, while a director or\nofficer of the corporation, is or was serving at the request of the corporation\nas a director, officer, partner, trustee, employee, or agent of another entity,\nagainst liability asserted against or incurred by the individual in that\ncapacity or arising from the individual’s status as a director or officer,\nregardless of whether the corporation would have power to indemnify or advance\nexpenses to the individual against the same liability under this article.\n\nHISTORY: Code 1950, \u00a7 13.1-3.1; 1968, c. 570; 1975, c. 500; 1979, c. 99; 1985,\nc. 522; 2005, c. 765; 2019, c. 734.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}