162(1)A company may make by-laws, not inconsistent with this Part or the
Insurance Act, or the regulations, for the management of its business, the regulation of the tariff of fees, the levying of assessments, and the forms, terms and conditions of its insurance policies and generally for all matters incident to its incorporation, or necessary for carrying out the purposes thereof; but no such by-law has any force or effect until it is approved by the Superintendent.