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	Missing Policyholder Search - Unclaimed Demutualized Life Insurance Proceeds (via CobWeb/3.1 planetlab1.netlab.uky.edu) (Site not responding. Last check: 2007-10-14)
		Between one-quarter and one-half of all life insurance policies go unclaimed, because it is generally up to family members to notify the insurance company when a policyholder dies, and virtually no effort is made to find lost beneficiaries.
		Demutualization is the process of converting a mutual life insurance company, owned by its policyholders, to a publicly traded stock company owned by shareholders, pursuant to a plan of conversion approved by government regulators.
		Mutual life policyholders (and heirs) continue to be entitled to receive whatever policy benefits may be due, but in addition receive stock, cash and/or policy credits in exchange for their ownership interest in the old mutual insurance company.
	www.demutualization-claims.com.cob-web.org:8888 (366 words)

	The Unclaimed Demutualization Proceeds Information Pages
		A demutualization is the conversion of a mutual insurance company, that is owned by its policyholders, into a stock company, that is owned by shareholders.
		They proposed a “Plan of Demutualization” that was approved by both a majority of policyholders and by insurance regulators in the insurance company’s home state.
		While the state cannot provide tax advice, which should be obtained from a qualified professional, demutualized insurance companies have uniformly stated that the receipt of cash from a demutualization (as well as the eventual sale of stock received in a demutualization) constitutes a taxable event.
	www.claims-info.com /FAQ.htm (1289 words)

	2000 Enactments and Vetoes: Demutualization of Insurance Companies and Mutual Holding Company Reorganization (Site not responding. Last check: 2007-10-14)
		Amends demutualization law to allow plan of conversion to include provision whereby consideration distributable to policyholders may be held in a single trust; restricts stock purchases; provides flexibility for the timing of when company goes public through an initial public stock offering while placing restrictions on duration of trust
		This act is designed to modernize, simplify, organize, clarify and, in some ways, expand existing law in order to encourage financial institutions to remain state chartered, to entice the organizers of new banks to choose a state charter, and to persuade national banks and federal savings banks to convert to a state charter.
		The act revises the procedures that are in current law for demutualization, with emphasis on providing policyholders with adequate notice, rights, and value for their interests.
	www.ncsl.org /programs/insur/00demutl.htm (765 words)

	Watson Wyatt - Insider
		Demutualization is when a mutual insurance company, which is owned by policyholders, converts to a stock company, which is owned by shareholders.
		Some of the tax and other issues involved in demutualization are quite complex and thus beyond the scope of this article, which limits its focus to the recent DOL guidance.
		Since many employee benefits plans are receiving shares of demutualized insurance companies, employers need to be aware of how the receipt of demutualization proceeds is likely to affect their plans.
	www.watsonwyatt.com /us/pubs/insider/showarticle.asp?ArticleID=8185 (561 words)

	Unclaimed Demutualization Search - FAQ (Site not responding. Last check: 2007-10-14)
		Mutual insurance companies elect to demutualize because as publicly-traded stockholder-owned companies it is easier to raise capital, effect mergers and acquisitions, and to attract and retain employees through the use of stock options.
		As a shareholder in the demutualized company, you may now be entitled to share in the company's profits via stock dividends, and benefit from its growth in the form of an appreciated share price.
		If the demutualized company is unable to locate policyholders or heirs owed compensation within a reasonable period of time set by statute, the unclaimed stock and/or cash is remitted to the protective custody of a government trust account.
	www.unclaimed-demutualization.com /demutualization.htm (917 words)

	CAIFA in Focus - FAQ About Demutualization
		Demutualization is the process of converting from a mutual company to a shareholder-owned company.
		Before demutualization, participating policyholders are entitled to elect the entire board of directors of their insurance company.
		After demutualization, participating policyholders will still be entitled to participate in the election of the board of directors, but it may be through ownership of the holding company that issued the shares.
	www.advocis-vancouver.ca /advocis/van.nsf/pages/focus_v1_faq (540 words)

	Demutualization Elections: New Guidance for Benefit Plans from the Labor Department
		The portion of demutualization proceeds attributable to participant contributions is treated as a plan asset subject to ERISA's trust requirements.
		Further, the allocation of plan assets in the form of demutualization proceeds is a one-time, unintended consequence of having elected to provide plan benefits through a mutual, rather than a stock, insurance company.
		The demutualization proceeds and any related earnings are placed in the name of the plan in an interest-bearing account (in the case of cash) or in a custodial account (in the case of stock) as soon as reasonably possible after receipt.
	www.constructionweblinks.com /Resources/Industry_Reports__Newsletters/June_4_2001/demutualization_elections.htm (632 words)

	Questions and Answers on Demutualization
		The demutualization regime now being contemplated marks the final stage in a process that began in 1992, when the Insurance Companies Act was amended to allow demutualization, with the terms and conditions to be set out in regulations.
		Ultimately, it's up to the company to decide whether to proceed with a demutualization plan, and for policyholders who are entitled to vote at meetings of the company to decide whether it's in their best interests.
		If the four large mutual life companies follow through with their intentions to demutualize, all of their value will be allocated to policyholders who are entitled to vote at their meetings on demutualization.
	www.fin.gc.ca /news98/data/98-083_1e.html (1675 words)

	Unclaimed life insurance demutualization claims
		Demutualization is the process of converting a mutual life insurance company, which is owned by its policyholders, into a publicly traded stock company owned by shareholders, who may or may also be policyholders.
		A company demutualizes pursuant to a plan of conversion which must be approved by both policyholders and government regulators.
		The demutualization proceeds, once remitted as unclaimed property to a government custodian, are generally available for claim in perpetuity.
	www.demutualization-claims.com /demutualization.htm (1005 words)

	MetLife Policyholders' Class Action: The MetLife Demutualization Securities Fraud Masked a Breach of Contract
		In the demutualization process MetLife committed securities fraud against participating policyholders who were members of the mutual association.
		The truth is that because of the demutualization, dividends are now lower and our cost of insurance is higher than would be the case if MetLife had remained a mutual insurer.
		Meanwhile, since the demutualization in 2000, MetLife has performed well reflected by the fact that the shares of MetLife which were priced at the initial public offering at $14.25 per share are now near $50 per share.
	demutualization.org /2005/12/metlife-demutualization-securities_16.html (1163 words)

	Standard Life - demutualization (Site not responding. Last check: 2007-10-14)
		If demutualization and flotation go ahead, eligible members will get their shares as soon as is possible on or after the date of demutualization and flotation.
		If Standard Life does demutualize and float, members whose with profits policies mature on or after 18 October 2005 may be able to qualify for shares or other demutualization entitlement.
		Any demutualization entitlement payable in respect of a policy held by a trustee or plan sponsor of an occupational pension scheme would be paid to the trustee or plan sponsor who is the member of Standard Life.
	www.standardlife.ca /en/demutualization/questions/entitlement.html (1528 words)

	Insure.com - life/health - Lawsuit seeks to halt Prudential's demutualization plan
		Despite Prudential Insurance Co. of America's claims that its demutualization plan is "fair and equitable," the insurer has been hit with a lawsuit that calls the plan illegal and seeks to block the company's conversion from a policyholder-owned company to a publicly traded company.
		The complaint hopes to have Prudential's demutualization plan declared illegal, to block it from going forward, and to invalidate the results of the policyholder vote on whether or not to demutualize.
		According to the lawsuit, in all previous demutualizations, policyholders who "owned" the mutual company were compensated, generally in the form of stock, cash, or policy credits, for losing their "ownership" of the insurer, but consumers who had policies with subsidiaries of the mutual company did not receive compensation.
	info.insure.com /pro/lifehealth/demutualsuit701.cfm (645 words)

	MetLife Policyholders' Class Action
		Ulrich's position is that the demutualization distributions also call for this recovery-of-basis approach, and for the reasons cited by the court in Moseley.
		It dealt with three variations on the demutualization theme, of which the first is of most interest to us here because it best fits the classic demutualization picture where the former mutual company simply issues capital stock and drops the "mutual" from its name.
		If you were a policyholder or annuitant of the mutual company [involved in a demutualization], you may have received either stock in the stock company or cash in exchange for your equity interest in the mutual company.
	www.demutualization.org (4580 words)

	Demutualization of stock exchanges -DAWN - Business; December 1, 2003
		In case of stock exchanges, demutualization is literally a process of continuing an organization from its mutual ownership structure to a share ownership structure.
		Demutualization may lessen some of the self-regulatory organization conflicts.It leads to a separation of the owners of an exchange from its members; the interests of the owners (shareholders) may act as a constraint on actions that would benefit only the interests of the members.
		Once an exchange is demutualized, it may decide to list its own securities on the exchange, it has the ability to influence the actions of its competitors, specially, if it has a monopoly being a provider of a particular service.
	www.dawn.com /2003/12/01/ebr13.htm (2349 words)

	Conflicting interests in demutualization -DAWN - Business; 28 February, 2005
		Internationally, demutualization is believed to bring significant improvements in economic efficiency and quality of governance of exchanges.
		However, a key concern involved in demutualization is the new conflict of interest it creates between the public interest role of an exchange as a front line regulator of listed companies and brokers and that as a for-profit shareholder- owned entity.
		It is expected that in demutualization of the KSE, LSE, and ISE, necessary checks and balances shall be built in the new structure by the Securities and Exchange Commission of Pakistan and the exchanges to safeguard the interest of all stakeholders.
	www.dawn.com /2005/02/28/ebr5.htm (1278 words)

	DEMUTUALIZATION OF LIFE INSURANCE COMPANIES
		In recent years a number of mutual life insurance companies have elected to "demutualize" that is, convert from ownership by their policyholders to ownership by public shareholders.
		Whether the owner of the stock received in the demutualization is the group policyholder (which may be an employer or an employer association), or a benefit plan (which may or may not have a trustee as the legal owner of plan assets), or both;
		Whether demutualization proceeds received must be used solely to pay plan benefits or expenses, or whether some portion of those proceeds may be allocable to the employer;
	www.ssblegal.com /newsletters/2001/november/6.html (764 words)

	Tax and Investment Plans Profile Page / Demutualization Letter
		In the demutualization process, the holders of the mutual policies find their interests split so that they end up owning a stock company insurance policy and a certificate representing stock in the demutualized company.
		Often the company demutualizing has represented that there will be no difference in cash value build up between the experience of the former mutual policy and the new stock policy.
		One particular casualty from the consequence of demutualization is the individual who has planned his estate with help from an irrevocable life insurance trust funded with an insurance policy issued by a mutual company that has now converted to stock.
	www.raymondjames.com /TIP/demut.htm (1370 words)

	The Unclaimed Demutualization Proceeds Information Pages
		You may have been directed here because you appear to be entitled to unclaimed property in the form of a distribution from the demutualization of a life or health insurance company.
		If you were an owner of a policy (“policyholder”) bought from a company that changed from a mutual ownership to stock ownership (“demutualization”), and you met certain eligibility criteria, you were automatically entitled to receive stock or cash distributed in the demutualization.
		If the company could not locate you, the demutualization proceeds would have been turned over to the custody of the state, as required by the unclaimed property law.
	www.claims-info.com (195 words)

	DOL Letter Discusses Treatment of Welfare Plans on Demutualization
		As part of a large demutualization, the company asked the DOL to essentially waive the trust requirements for welfare benefit plans receiving stock from a demutualization.
		The DOL points to a duty of impartiality and that to select an allocation method that favors the fiduciary (as a participant in the plan) at the expense of other participants in the plan would be inconsistent with this duty.
		Under some systems, it may be easier to use the demutualization amounts as advanced premiums, giving employees a premium holiday until the value of the stock or cash distribution is used up.
	www.us.kpmg.com /microsite/tax/compben/apr01/stories/article03.html (1183 words)

	[No title] (Site not responding. Last check: 2007-10-14)
		Phoenix Home Life Mutual Insurance Co. is developing a plan to demutualize, making it the latest life insurer looking to take its business to Wall Street.
		Demutualization is a process in which an insurance company converts ownership from policyholders to shareholders.
		Ericson says policyholders eligible to receive compensation in the demutualization plan are those who have policies in force on the date the board of directors adopts the plan.
	info.insure.com /life/phoenix/demutualization400.html (440 words)

	Demutualization - Wikipedia, the free encyclopedia
		Demutualized life insurers include such well-known companies as Prudential, MetLife, John Hancock, Mutual of New York, Manufacturers Life, Sun Life, Principal, and Phoenix Mutual.
		The advantages of demutualization are overwhelmingly evidenced by the fact that at the end of 2005 there were less than 80 mutual life insurers in the United States.
		Participating policyholders own the original mutual company by virtue of their contributions to its operating surplus in the form of premiums that exceed the actuarial cost of their policy coverage.
	en.wikipedia.org /wiki/Demutualization (651 words)

	Demutualization letter to member
		We understand that demutualization payments are being made as a result of federally registered mutual insurance companies converting into a corporation with common shares.
		Under federal legislation, the entity entitled to the demutualization payment is the policyholder, which is typically the employer.
		It appears that the federal legislation does not require the consent of a provincial regulator before a demutualization payment is made to the policyholder, nor require that any demutualization payment is shared with the beneficiaries of a pension annuity insurance contract or present or former company sponsored pension plan.
	www.gov.mb.ca /labour/pension/historical/mbrdemutual.html (272 words)

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