Section 500.5248 - Directors, officers, and employees of domestic insurer; compensation(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.Amended by 2006, Act 289, s 1, eff. 7/20/2006.1956, Act 218, Eff. 1/1/1957 ;--Am. 1957, Act 91, Eff. 9/27/1957 ;--Am. 1959, Act 30, Eff. 3/19/1960 ;--Am. 1963, Act 69, Eff. 9/6/1963 ;--Am. 1965, Act 243, Imd. Eff. 7/21/1965.