Kansas Insurance Commissioner Sandy Praeger has approved Security Benefit Mutual Holding Company demutualization and dissolution plans.

Security Benefit Mutual, Topeka, Kan., is the parent of Security Benefit Corp., which is, in turn, the parent of Security Benefit Life Insurance Company.

The demutualization plan approval means that Guggenheim Partners L.L.C., Chicago, is one step closer to acquiring Security Benefit Corp. and Security Benefit Life. Guggenheim, an investment group, announced the proposed Security Benefit acquisition in February.

Security Benefit Mutual members will vote on the deal May 26.

Guggenheim and Security Benefit also are waiting to receive other approvals. The companies hope to complete their deal by July.

Security Benefit Life has about 200,000 fixed and variable annuity contracts in effect. One affiliate, se2, administers insurance policies and assets for other financial services companies. Another affiliate, Rydex|SGI, has a well-known family of exchange-traded funds.