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 the Commissioner, 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.
Structure Delaware Code
Chapter 49. ORGANIZATION AND CORPORATE POWERS; PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS
§ 4902. “Stock,” “mutual” insurer, definitions.
§ 4903. General corporation statutes; applicability.
§ 4904. Insurance business exclusive.
§ 4905. Mutual insurers — Initial qualifications.
§ 4906. Mutual insurers — Permit; deposit.
§ 4907. Mutual insurers — Qualifying applications for insurance.
§ 4908. Mutual insurers — Trust deposit of qualifying premiums; issuance of policies.
§ 4909. Mutual insurers — Failure to qualify.
§ 4910. Mutual insurers — Additional kinds of insurance.
§ 4912. Bylaws of mutual insurer.
§ 4913. Minutes of corporate meetings of mutual insurers.
§ 4914. Contingent liability of mutual members.
§ 4915. Levy of contingent liability.
§ 4916. Enforcement of contingent liability.
§ 4917. Nonassessable policies, mutual insurers; revocation of authority.
§ 4918. Information to stockholders and proxy regulations.
§ 4919. Change of directors, officers; notice.
§ 4920. Prohibited pecuniary interest of officials.
§ 4921. Management and exclusive agency contracts.
§ 4922. Dividends to stockholders.
§ 4923. Participating policies.
§ 4924. Dividends to policyholders.
§ 4925. Solicitation of business; issuance of policies in other jurisdictions.
§ 4926. Payment of taxes; exoneration.
§ 4927. Impairment of capital or assets.
§ 4928. Mutualization of stock insurer.
§ 4929. Conversion to ordinary business corporation.
§ 4930. Merger, consolidation of stock insurers.
§ 4931. Affiliation of stock insurers.
§ 4932. Acquisition of controlling stock.
§ 4933. Converting mutual insurer.
§ 4934. Merger, consolidation — Allowable circumstances; “surviving insurer” defined.
§ 4936. Merger, consolidation of mutual insurers — Effectuation; disapproval by Commissioner.
§ 4937. Merger, consolidation of mutual insurers — Approval by members.
§ 4938. Merger, consolidation of mutual insurers — Impaired mutuals.
§ 4942. Merger, consolidation of mutual insurers — Effect of merger or consolidation.
§ 4943. Preservation of old charter in merger or consolidation.