(a) A domestic mutual insurer shall adopt bylaws for the conduct of its affairs.
(b) The bylaws, or any modification of the bylaws, shall be filed with the commissioner.
(c) The commissioner shall disapprove any such bylaws, or as so modified, and the commissioner shall communicate such disapproval to the insurer, if the commissioner finds after a hearing thereon, that:
(1) It is not in compliance with the laws of this State, or
(2) It unreasonably interferes with the rights of members or exercise of such rights.
(d) No bylaws or modification, so disapproved shall be effective during the existence of such disapproval.