Mutual insurers: Bylaws. Every domestic mutual insurer shall promptly file with the Commissioner a copy, certified by the insurer�s secretary, of its bylaws and of every modification thereof or addition thereto. The bylaws and modifications thereof shall be subject to the Commissioner�s approval. The Commissioner shall not disapprove any such bylaw or modification unless found by him, after a hearing held thereon, to be unlawful, unreasonable, inadequate, unfair or injurious to the proper interests or protection of the insurer�s members or any class thereof. The insurer shall not, after receiving written notice of such disapproval and during the existence thereof, effectuate any bylaw provision so disapproved.
Last modified: February 27, 2006