§ 26-24-116 — Bylaws of mutuals

(a) A domestic mutual insurer shall have bylaws for the
government of its affairs. The insurer's initial board of
directors shall adopt original bylaws, subject to the approval
of the insurer's members at the next meeting of members.
(b) The bylaws shall contain provisions, consistent with
this code, relating to:
(i) The voting rights of members;
(ii) Election of directors, and the number,
qualifications, terms of office and powers of directors;
(iii) Annual and special meetings of members;
(iv) The number, designation, election, terms and
powers and duties of the corporate officers;
(v) Deposit, custody, disbursement and accounting for
corporate funds;
(vi) Fidelity bonds covering any officers and
employees of the insurer handling its funds, to be issued by a
corporate surety and to be in an amount as may be reasonable;
and
(vii) Any other matters as may be customary,
necessary or convenient for the management or regulation of
corporate affairs.
(c) The 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
commissioner, after a hearing held thereon, shall disapprove any
bylaw provision he deems unlawful, unreasonable, inadequate,
unfair or detrimental to the proper interests or protection of
the insurer's members or any class thereof. The insurer, after
receiving written notice of disapproval and during the existence
of that disapproval, shall not carry out any bylaw provision
disapproved.