Effective Wednesday, CUNA Mutual Insurance Society hasreorganized to a mutual insurance holding company structure,according to CUNA Mutual Group.

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As a mutual insurance holding company, CMIS is changing itslegal name to CMFG Life Insurance Co., CUNA Mutual said.

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In October 2011, the Iowa Insurance Commissioner approved CUNAMutual's plan for a new mutual ownership structure, which was approved by more than 90% ofpolicyholders in September.

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The company will continue to be mutually owned with the samepolicyholders having full ownership of the new parent mutualholding company entity, according to CUNA Mutual.

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In addition, the new mutual holding company and its subsidiarieswill continue to use the trade name “CUNA Mutual Group.”

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“The conversion to a mutual holding company structure maintainspolicyholders' rights and significantly enhances our ability tocompete and serve,” Jeff Post, president/CEO of CUNA Mutual, saidin a statement.

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“This is a natural and positive next step in our continuingcommitment to credit unions and to the successful and provenstrategy we have been pursuing in recent years,” Post said.

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“Insurance policies and annuity contracts remain the same, andpolicyholder benefits and rights will not be reduced or altered inany way. Nor will premiums increase as a result of the MHCreorganization,” he said.

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