Mich. Comp. Laws § 500.5248
Directors, officers, and employees of domestic insurer; compensation.
Michigan · Michigan Compiled Laws — THE INSURANCE CODE OF 1956 (Act 218 of 1956) · Status: effective
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- Citation
- Mich. Comp. Laws § 500.5248, Directors, officers, and employees of domestic insurer; compensation, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1368533
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Full text
(1) No domestic insurer shall pay any salary, compensation, or emolument to any officer or director of the domestic insurer unless the payment is first authorized by a vote of the board of directors of the insurer.
(2) A director, officer, or employee of a domestic insurer shall not be compensated unreasonably. The compensation of any director or officer of a domestic insurer shall not be calculated, directly or indirectly, as a percentage of premiums collected or insurance written by the insurer, without the approval of the commissioner.