The Iowa Insurance Commissioner has approved CUNA Mutual Group's plan for a new mutual ownership structure, the company said Wednesday.

The commissioner's approval was the final step needed for the reorganization to move forward, according to the company. CUNA Mutual said it has targeted Jan. 31, 2012 as the date for the new structure to take effect.

On Sept. 7, 93% of CUNA Mutual's policyholders voted to approve organizing CUNA Mutual Insurance Society from a mutual insurance company into a mutual insurance holding company structure.

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