MADISON, Wis. (2/2/12)--CUNA Mutual Insurance Society (CMIS) is now a mutual insurance holding company. The reorganization of its structure was effective Wednesday. As a mutual holding company (MHC), CMIS is changing its legal name to CMFG Life Insurance Co.
Although the name changes, there is no change in control of the company, which will continue to be mutually owned with the same policyholders having full ownership of the new parent mutual holding company (MHC) entity. The company and its subsidiaries will continue to use the trade name "CUNA Mutual Group."
CUNA Mutual Group received approval in October from the Iowa Insurance Commissioner for its plan for the new ownership structure, which was approved by more than 90% of policyholders in September.
"The conversion to a mutual holding company structure maintains policyholders' rights and significantly enhances our ability to compete and serve," said Jeff Post, president/CEO of CUNA Mutual Group. "This is a natural and positive 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 remain the same, and policyholder benefits and rights will not be reduced or altered, said the company, which added that premiums will not increase as a result of the MHC corporation.