CMG Considers Internal Merger, Domicile Change

Credit Union Journal, The, December, 2006 by Lisa Freeman

CUNA Mutual Group is exploring a merger that would unite its CUNA Mutual Life Insurance Company (CUNA Mutual Life) in Waverly, Iowa, and its CUNA Mutual Insurance Society (CUMIS) here, and changing the company's state of domicile to Iowa. The two moves are part of the company's three-year improvement plan, with the proposed merger allowing CUNA Mutual to manage the two companies as one, while the change in domicile allows the company to be regulated by only one state regulator instead of two.

While the merger is still under consideration by CUNA Mutual's board, the firm cited a number of potential benefits to the marriage. "This benefits both us and our customers in a number of different ways," said Rick Uhlmann, CUNA Mutual spokesman. "It creates a more streamlined...

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