MHC - Mutual Holding Company

  • 1998 05 - InsuranceObserver.com - 9p
    • Who Owns a Mutual Insurance Company? 
  • “The mutual holding company concept is fundamentally flawed. If the implications of the type of reorganization were disclosed, most mutual policyowners would vote against the reorganization.
  • On the other hand, if safeguards not contemplated in the proposed bill were instituted, prospective shareholders would be reluctant to invest in the reorganized enterprise.”

--  Joseph M. Belth, Emeritus Professor of Insurance, Indiana University

1998 - New York - The Feeling’s Not Mutual: An Analysis of Governor Pataki’s Proposed Mutual Holding Company Legislation, Report by the Assembly Standing Committee on Insurance - Alexander B. Grannis, Chair - [link]

  • The mutual insurance holding company structure was first created in Iowa in 1995 and exists primarily to allow mutual insurers access to the capital markets not available to traditional mutual insurance companies.
    • Today, most U.S. jurisdictions have adopted the mutual insurance holding company structure.
    • Mutual insurance holding companies are structurally analogous to mutual bank holding companies and serve as an alternative to demutualization for a mutual insurer seeking such access.
    • Mutual insurance holding companies are regulated at the holding company level by the insurance commissioner of their domiciliary state and are specifically subject to state insurance insolvency statutes.4 
    • Most importantly in this context, mutual insurance holding companies also differ from traditional mutual insurance companies in that mutual insurance holding companies, even when not typically considered to be engaged in the business of insurance at the holding company level, are treated as insurers under State insurance insolvency statutes.5

2011 0328 - Letter - Mutual Insurance Holding Company Coalition "the Coalition" to FDIC - Re: Orderly Liquidation Authority Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act! - 4p

  • 2 The Coalition consists of the following mutual insurance holding companies: American Enterprise Mutual Holding Company, American United Mutual Insurance Holding Company (One America), Assurity Security Group, Baltimore Life Holdings, Inc., EMC National Life Mutual Holding Company, Mutual Trust Financial Group, National Life Group, Ohio National Mutual Holdings, Inc., Pacific Mutual Holding Company, Pan-American Life Insurance Group, Securian Financial Group, Inc., Trustmark Mutual Holding Company, UNIFI Mutual Holding Company (Ameritas), United Heritage Mutual Holding Company, Western and Southern Mutual Holding Company.