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Iowa commissioner OKs CUNA Mutuals new ownership structure
MADISON, Wis. (10/13/11)--The Iowa Insurance Commissioner has approved CUNA Mutual Group’s plan for a new mutual ownership structure. The plan, which more than 93% of policyholders voted to approve on Sept. 7, is expected to take effect Jan. 31. It will reorganize CUNA Mutual Insurance Society (CMIS) from a mutual insurance company into a mutual insurance holding company structure. As a mutual insurance holding company, CUNA Mutual will continue to be mutually owned, with policyholders having full ownership of the new parent mutual holding company entity. Approval by the Iowa Insurance Commissioner was the step needed for the reorganization to move forward. “The conversion to a mutual holding company structure will maintain policyholders’ rights and significantly enhance our ability to compete and serve,” said Jeff Post, CUNA Mutual president/CEO. “This is a natural and positive next step in our continuing commitment to credit unions and to the successful and proven strategy we have been pursuing in recent years.” Insurance policies and annuity contracts will remain the same and policyholder benefits and rights will not be reduced or altered in any way, said the company. Premiums will not increase as a result of the mutual holding company reorganization.
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