NU Online News Service, July 12, 10:53 a.m. – Prudential Insurance Company of America, Newark, N.J., says the period for policyholders to vote on its proposed charter change will end July 31.
Prudential, a policyholder-owned mutual insurer, is trying to become a shareholder-owned stock company.
Prudential has offered to pay its policyholders the full value of the company in the form of stock, cash and policy credits, to compensate them for their loss of control over the company.
Prudential estimates it has mailed demutualization ballots and information packets to 10% of all U.S. households.
Policyholders can vote by mail, telephone or Internet, or by casting ballots in person at a policyholder meeting scheduled for July 31.
Some critics have questioned whether Prudential has given policyholders enough information to know whether they are really getting a good deal, but Prudential says its executives are committed to helping policyholders make an informed decision.
The company has set up a demutualization information hotline at 1-800-243-1701 to answer policyholders’ questions about the proposed charter change.