Section 58-5-46 - Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds

58-5-46. Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds.A domestic mutual insurer shall promptly file with the director of the Division of Insurance a certified copy of its bylaws and all amendments thereto. The director at the time of filing or within thirty days thereafter shall disapprove any bylaw provision deemed by him to be unlawful, unreasonable, inadequate, unfair, or detrimental to the proper interests or protection of the insurer's members or any class thereof. Source: SL 1966, ch 111, ch 16, §16 (4).