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Code · Michigan · Chapter 500 — Insurance Code of 1956

500.7032 Compensation of trustee, officer, or employee.

104 words·~1 min read·/mi/chapter-500/500-7032

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500.7032 Compensation of trustee, officer, or employee.
Sec. 7032.
(1)A MEWA shall not pay any salary, compensation, or emolument to any officer or trustee of the MEWA, unless the payment is first authorized by a majority vote of the board of trustees of the MEWA.
(2)A trustee, officer, or employee of a MEWA shall not be compensated unreasonably. The compensation of any trustee or officer of a MEWA shall not be calculated, directly or indirectly, as a percentage of money or premiums collected, without the approval of the commissioner.
History: Add. 1986, Act 121, Eff. July 1, 1986
Popular Name: Act 218
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