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MADISON, Wis.-CUNA Mutual Group plans to ask its policyholders to approve a plan to convert CUNA Mutual Insurance Society to a mutual holding company structure from its current mutual insurance company structure. Under a MHC, CMIS would become a stock subsidiary of MHC; policyholders would own the MHC
President/CEO Jeff Post said the move is being pursued to enhance capital flexibility and in response to narrow accounting rules that apply to mutual insurance companies. Post stressed the move will not affect in any way the ownership rights or shares of current policyholders. "The...