Compensation of Trustee, Officer, or Employee.

  1. Law
  2. Michigan Compiled Laws
  3. Insurance Code of 1956
  4. 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
  5. Chapter 70 Multiple Employer Welfare Arrangements (500.7001...500.7090)
  6. Compensation of Trustee, Officer, or Employee.

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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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