Press
Iowa Insurance Commissioner Approves New Mutual Ownership Structure For CUNA Mutual Group
From CUNA Mutual Group Public Relations
www.cunamutual.com
For more information:
Jim Buchheim 608.232.6327 jim.buchheim@cunamutual.com
Rick Uhlmann 608.231.8940 rick.uhlmann@cunamutual.com
MADISON, Wis. – The Iowa Insurance Commissioner has approved CUNA Mutual Group’s plan for a new mutual ownership structure that was overwhelmingly approved by policyholders in September.
The plan more than 93 percent of policyholders voted to approve on Sept. 7, 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 final approval needed for the reorganization to move forward. The company has targeted Jan. 31, 2012, as the date for the new structure to take effect.
“The conversion to a mutual holding company structure will maintain policyholders’ rights and significantly enhance our ability to compete and serve,” said Jeff Post, president/CEO of CUNA Mutual. “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 would remain the same and policyholder benefits and rights would not be reduced or altered in any way. Nor will premiums increase as a result of the MHC reorganization.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s Web site at www.cunamutual.com.
CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc. Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wis.