N.Y. Exec. Law § 160-mm

§ 160-mm. Liability insurance. The fund shall purchase such insurance\nas is necessary to protect the fund and any director, officer, agent or\nother representative from liability for their administration of the\nfund, and shall, to the extent permitted by law, indemnify such\ndirectors, officers, agents or other representatives and hold them\nharmless from liability for their administration of the fund.\n