A copy of the bylaws of a domestic mutual insurer, including any amendments, shall be provided to the Director of the Department of Consumer and Business Services. The bylaws of a mutual insurer may contain any provision for managing the business and regulating the affairs of the insurer that is not inconsistent with law or the articles of incorporation. The bylaws shall contain a provision that governs the involvement of the mutual insurer in a member’s communication with other members regarding the business and affairs of the insurer. The bylaws may contain a provision eliminating or limiting the personal liability of a member of the board of directors to the mutual insurer or its members for monetary damages for conduct as a director, provided that no such provision may eliminate or limit the liability of a director for any act or omission occurring prior to the date when such provision becomes effective and no such provision may eliminate or limit the liability of a director for:
(1) Any breach of the director’s duty of loyalty to the mutual insurer or its members;
(2) Acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;
(3) Any unlawful distribution; or
(4) Any transaction from which the director derived an improper personal benefit. [2001 c.352 §4]
Section: Previous 732.445 732.450 732.455 732.460 732.465 732.470 732.475 732.480 732.505 732.510 732.515 732.517 732.518 732.520 732.521 NextLast modified: August 7, 2008