Both the policyholders of Farm Bureau Mutual Insurance Company and the Iowa Insurance Commissioner now have approved plans under which the company will be reorganized into a mutual holding company structure.
The plan of reorganization, including the articles of incorporation and bylaws of the companies created as a result of the reorganization, will take effect on Jan. 1, 2010.
The terms of existing policies will not be impacted by the reorganization, and related membership interests and rights under policyholders’ contract of insurance will remain unchanged.
Farm Bureau Mutual will form a mutual insurance holding company to be named Farm Bureau Mutual Holding Company (MHC), and Farm Bureau Mutual will be reorganized as a stock property and casualty insurance company named Farm Bureau Property & Casualty Insurance Company.
Farm Bureau Mutual will also organize an intermediate holding company named Farm Bureau Multi-State Services Inc. All Farm Bureau Property & Casualty Insurance Company shares will be owned by Farm Bureau Multi-State Services Inc. All Farm Bureau Multi-State Services Inc. shares will be owned by MHC.
Source: Farm Bureau Mutual Insurance Company
Topics Agribusiness Property Casualty
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