Effective Wednesday, CUNA Mutual Insurance Society has reorganized to a mutual insurance holding company structure, according to CUNA Mutual Group.
As a mutual insurance holding company, CMIS is changing its legal name to CMFG Life Insurance Co., CUNA Mutual said.
In October 2011, the Iowa Insurance Commissioner approved CUNA Mutual’s plan for a new mutual ownership structure, which was approved by more than 90% of policyholders in September.
The company will continue to be mutually owned with the same policyholders having full ownership of the new parent mutual holding company entity, according to CUNA Mutual.
In addition, the new mutual holding company and its subsidiaries will continue to use the trade name “CUNA Mutual Group.”
“The conversion to a mutual holding company structure maintains policyholders’ rights and significantly enhances our ability to compete and serve,” Jeff Post, president/CEO of CUNA Mutual, said in a statement.
“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,” Post said.
“Insurance policies and annuity contracts remain the same, and policyholder benefits and rights will not be reduced or altered in any way. Nor will premiums increase as a result of the MHC reorganization,” he said.