Applicability to officers of quasi-public and private corporations and managers of limited-liability companies; rejection of coverage by certain officers and managers

1. If a quasi-public or private corporation or limited-liability company is required to be insured pursuant to this chapter, an officer of the corporation or a manager of the company who: (a) Receives pay for service performed shall be deemed for the purposes of this chapter to receive a minimum pay of $6,000 per policy year and a maximum pay of $36,000 per policy year. (b) Does not receive pay for services performed shall be deemed for the purposes of this chapter to receive a minimum pay of $500 per month or $6,000 per policy year. 2. An officer or manager who does not receive pay for services performed may elect to reject coverage for himself or herself by filing written notice thereof with the corporation or company and the insurer. The rejection is effective upon receipt of the notice by the insurer. 3. An officer or manager of such a corporation or company who: (a) Owns the corporation or company; and (b) Receives pay for the services performed, Ê may elect to reject coverage for himself or herself by filing written notice thereof with the insurer. The rejection is effective upon receipt of the notice by the insurer. 4. An officer or manager who has rejected coverage may rescind that rejection by filing written notice thereof with the corporation or company and the insurer. The rescission is effective upon receipt of the notice by the insurer.