(a) The trustees or directors of a multiple employer welfare arrangement (MEWA) must give the attention and exercise the vigilance, diligence, care, and skill that prudent persons use in like or similar circumstances. Trustees or directors are responsible for all operations of the MEWA and must take all necessary precautions to safeguard the assets of the MEWA.(b) The board of trustees or directors must select such officers as designated in the articles or bylaws or trust agreement and may appoint agents as deemed necessary for the transaction of the business of the MEWA. All officers and agents may exercise the authority and perform the duties required in the management of the property and affairs of the MEWA as may be delegated by the board of trustees or directors. Any officer or agent may be removed by the board of trustees or directors whenever, in their judgment, the business interests of the MEWA will be served by the removal. The board of trustees or directors must secure the fidelity of any or all such officers or agents who handle the funds of the MEWA by bond or otherwise.(c) Trustees or directors must serve without compensation from the MEWA except for actual and necessary expenses. A MEWA may not pay any salary, compensation, or emolument to any officer of the MEWA unless the payment is first authorized by a majority vote of the board of trustees or directors of the MEWA.(d) An officer, employee, or agent of a MEWA may not be compensated unreasonably. The compensation of any officer or employee of a MEWA may not be calculated directly or indirectly as a percentage of money or premium collected. The compensation of any agent may not exceed 5.0% of the money or premium collected.