Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-73-123. Indemnification

(a) A company or association may indemnify a person made or threatened to be made a party to a proceeding by reason of the former or present official capacity of the person against judgments, penalties, fines, including, without limitation, excise taxes assessed against the person with respect to an employee benefit plan, settlements, and reasonable expenses, including attorney's fees and disbursements, incurred by the person in connection with the proceeding if, with respect to the acts or omissions of the person complained of in the proceeding, the person:

(b) INSURANCE. A company or association may purchase and maintain insurance on behalf of a person who is or was a director, officer, employee, or agent of the corporation or who, while a director, officer, employee, or agent of the association, is or was serving at the request of the company or association as a director, officer, partner, trustee, employee, or agent of another organization or employee benefit plan against any liability asserted against and incurred by the person in or arising from that capacity, whether or not the company or association would have been required to indemnify the person against the liability under the provisions of this section.

(c) INDEMNIFICATION OF OTHER PERSONS. Nothing in this section shall be construed to limit the power of the company or association to indemnify other persons by contract or otherwise.