WASHINGTON — The Office and Professional Employees Union continued to contend that CUNA Mutual is taking steps to its eventual demutualization and decried what it said was the inability of CUNA Mutual policy holders to get both sides of the story.
CUNA Mutual Insurance Society policyholders voted 93% to 7% in favor of merging with the Iowa headquartered CUNA Mutual Life Insurance Company and 93.4% to 6.6% in favor of moving the state of incorporation to Iowa.
The Union noted that a lower percentage of policyholders voted on this change than voted on what it called "minor amendments" to the company's bylaws in 2001. It also observed that while it had been able to contact, at most, 5,000 of the company's policyholders, almost 2,800 policyholders voted no on both questions.
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"CUNA Mutual Group was able to mail a 160-plus page document to 100% of its policyholders–a document which mentions "demutualization" 133 times. Only 20% and 21% of all policyholders voted "Yes" on the company's two proposals," the organization Keep CUNA Mutual said in a prepared statement. "The fact that nearly 80% of policyholders did not vote is troubling–but it is also encouraging. Surely the 'turnout' in this vote would have been higher if CMG had been more forthcoming about its true intentions."
CUNA Mutual's leadership strongly denied it has any intent to demutualize the insurance company.
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