Michigan Compiled Laws § 500.7032 Compensation Of Trustee, Officer, Or Employee.

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

Section: Previous  500.7018  500.7020  500.7022  500.7024  500.7026  500.7028  500.7030  500.7032  500.7034  500.7040  500.7044  500.7050  500.7060  500.7070  500.7074  Next

Last modified: October 10, 2016