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(a) The insurer shall promptly file a copy of its bylaws, duly certified by its president and secretary, with the Insurance Commissioner.
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(b) No amendment of bylaws shall be valid and binding upon the insurer’s members until a certified copy of the amendment has been on file with the commissioner for a period of at least ten (10) days.
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(c) No amendment of an insurer’s bylaws affecting rates shall be effective unless and until approved by the commissioner as being reasonable or necessary.
