A company that sells insurance to credit union members wants to move to the Hawkeye State.
CUNA Mutual Insurance Society, Madison, Wis., a company that has had a close affiliate with CUNA Mutual Life Insurance Company, Waverly, Iowa, for 15 years, has told Wisconsin insurance regulators that it wants to redomesticate itself and other Wisconsin affiliates to Iowa by February.
Special committees are looking into the possibility of recommending whether CUNA Mutual ought to merge with CUNA Mutual Life, but “it cannot be emphasized enough that no formal decision to merge has occurred,” Janet Ekenberg, a senior law specialist at CUNA Mutual, writes a letter to Wisconsin insurance regulators.
CUNA Mutual has attached a letter from James Armstrong, Iowa deputy insurance commissioner, stating that Iowa has no objections to the proposed redomestication.
The Credit Union National Association, Madison, formed CUNA Mutual in 1935 to sell loan protection insurance products and other insurance products to credit union members
CUNA Mutual formed a “permanent affiliation” with CUNA Mutual Life in 1990.
CUNA Mutual was formed as the Mutual Aid Society of the German Lutheran Synod of Iowa and Other States in 1879, according to an examination report posted on the Web site of the Iowa Insurance Division.