Michigan Compiled Laws
218-1956-70 - Chapter 70 Multiple Employer Welfare Arrangements (500.7001...500.7090)
Section 500.7028 - Duties of Trustees; Limitation on Liability of Trustee.

Sec. 7028.
The trustees of a MEWA shall give the attention and exercise the vigilance, diligence, care, and skill that prudent persons use in like or similar circumstances. Trustees shall be responsible for all operations of the MEWA and shall take all necessary precautions to safeguard the assets of the MEWA. No trustee shall be held liable for any delinquency under this section after 6 years from the date of the delinquency, or after 2 years from the time when the delinquency is discovered by a person complaining of the delinquency, whichever occurs sooner.
History: Add. 1986, Act 121, Eff. July 1, 1986 Popular Name: Act 218

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Structure Michigan Compiled Laws

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 500.7001 - Definitions.

Section 500.7004 - Employee Welfare Benefit Plan as Multiple Employer Welfare Arrangement; Certificate of Authority Required; Applicability of Chapter.

Section 500.7006 - Benefits to Which Authorized Mewa Limited.

Section 500.7010 - Application for Certificate of Authority; Form; Submission of Application and Other Documents to Commissioner; Examination of Application and Documents; Investigation; Examination Under Oath of Certain Persons.

Section 500.7011 - Conditions to Issuance of Certificate of Authority.

Section 500.7012 - Fees; Payment and Collection; Service of Process; Designation and Purpose of Fees.

Section 500.7014 - Issuance of Certificate of Authority; Refusal to Grant Certificate; Notice of Refusal; Request for and Conduct of Hearing.

Section 500.7018 - Temporary Certificate; Organization of Proposed Mewa; Opening Books to Commissioner; Condition to Issuance of Final Certificate.

Section 500.7020 - Issuance of Policies by Mewa; Premium or Premium Deposit; Contingent Premium; Restoration of Cash Reserves.

Section 500.7022 - Name of Mewa; Proof of Existence of Mewa.

Section 500.7024 - Powers of Mewa.

Section 500.7026 - Articles, Bylaws, and Trust Agreement of Mewa and Amendments Thereto; Filing; Approval; Form for Trust Agreement; Notice of Meeting; Voting Rights; Powers to Be Exercised by Board of Trustees; Restrictions on Trustees.

Section 500.7028 - Duties of Trustees; Limitation on Liability of Trustee.

Section 500.7030 - Officers and Agents; Selection and Appointment; Authority and Duties; Removal; Bond.

Section 500.7032 - Compensation of Trustee, Officer, or Employee.

Section 500.7034 - Trustee or Officer; Prohibited Conduct; Violation as Felony; Penalty.

Section 500.7040 - Financial Statements and Reports Required to Be Filed; Commingling of Cash Reserves Prohibited.

Section 500.7040.amended - Financial Statements and Reports Required to Be Filed; Commingling of Cash Reserves Prohibited.

Section 500.7044 - Notice to Individual Covered by Plan.

Section 500.7050 - Examination of Affairs of Mewa; Access to Books, Records, and Documents; Examination of Trustees, Officers, Agents, and Employees; Payment and Disposition of Assessment.

Section 500.7060 - Additional Provisions to Which Mewa Subject.

Section 500.7070 - Certificate of Authority; Grounds for Suspension, Revocation, or Limitation.

Section 500.7074 - Written Findings of Violation; Issuance and Service of Findings and Cease and Desist Order; Additional Orders.

Section 500.7076 - Violation of Cease and Desist Order; Notice; Hearing; Civil Fine; Suspension or Revocation of Certificate of Authority.

Section 500.7078 - Conduct of Proceedings for Payment of Fines or for Suspension, Revocation, or Limitation of Certificate of Authority; Appeal of Disputed Claim; Hearing.

Section 500.7080 - Multiple Employer Welfare Arrangement Security Fund; Creation; Administration; Use; Appointment, Qualifications, Terms, and Compensation of Board of Trustees; Powers of Board of Trustees; Payment of and Accounting for Expenses.

Section 500.7084 - Assessments; Purpose; Limitation; Notice; Payment; Assessments as Elements of Loss for Purpose of Establishing Rates; Liability of Employer Ceasing to Participate in Mewa; Certification of Collection and Receipt of Money From Asses...

Section 500.7086 - Security Fund as Creditor of Insolvent Mewa; Reimbursement From Insolvent Mewa.

Section 500.7090 - Effective Date of Chapter.