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2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-70 CHAPTER 70 MULTIPLE EMPLOYER WELFARE ARRANGEMENTS (500.7001...500.7090)
Section 500.7032 Compensation of trustee, officer, or employee.
Universal Citation: MI Comp L § 500.7032 (2017)
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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