KCI등재
연구논문 : 미국 보험상호회사의 비상호화 = A Demutualization of American Mutual Insurance Company
저자
발행기관
학술지명
권호사항
발행연도
2005
작성언어
Korean
주제어
등재정보
KCI등재
자료형태
학술저널
수록면
141-184(44쪽)
제공처
The insurance industry is, regardless of its product, is organized under two basic corporate structures. One is a stock company, the other is a mutual company. A stock insurance company is owned by its shareholders. A mutual insurance company has no shareholders and is instead owned by its policyholders. At the end of 1999, 1470 life insurance companies were in the United States. Although mutual companies account for only 106 of the 1470 life insurance companies(7% of the total), they accounted for 21% of the total insurance assets, 17% of premium income, and 36% of life insurance in force. Since 1996, some mutual life insurance companies have either completed or announced plans to reorganize into a different corporate structure. One might wonder why changing the corporate structure has become attractive to mutually owned companies in recent years. The answer to this question lies in the dynamics of the financial services industry in which the life insurance is a part. Demutualization and smaller firms`` competitive shortcomings ensure that the trend towards consolidation and convergence will continue in the coming years. Many mutual life insurance companies see themselves as significantly handicapped in competition against their larger and more diverse publicly-held stock competitors. Mutual life insurers have no authority to issue shares of capital stock and consequently have limited access to market sources of permanent equity capital. A mutual company can raise capital, primarily, only through generating and retaining earnings. There are sizeable risk-based capital requirements and other significant regulatory controls and restrictions for mutual insurance company to acquire a subsidiary company, depending on the size of the acquisition. At least five merits drive the trend toward the restructuring of the mutual life insurance companies: a need for increased access to capital and financial flexibility; enhanced corporate structure flexibility; ability to use stock as an acquisition currency; management recruitment and accountability; and tax savings. The conversion of a mutual life insurance company to a stock life insurance company is typically accomplished by one of two methods-a full demutualization or the formation of mutual life insurance holding company (MHC). Both of these options enable the mutual company to raise capital by issuing stock. In a full demutualization, the ownership interests in the mutual company are extinguished in exchange for cash or stock of the controlling entity. Thus the members receive an immediate, direct economic benefit. The controlling entity can be either the stock life insurance company into which the mutual life insurance company is converted or an existing or newly formed stock holding company that owns all of the stock of the converted mutual company. Generally, as an integral part of the process, the new stock holding company conducts an initial public offering (IPO) of its stock. Although most stock holding company is formed by the mutual company as a part of the demutualization process, there is no reason an affiliated company could not sponsor a mutual life insurance company`s demutualization and provide to the coverting mutual`s policyowners cash or stock consideration in exchange for the extinguishment of their membership interests. In an MHC reorganization the mutual insurance company restructures itself by organizing into two separate entities-an mutual holding company and a stock insurance company. The policyowners`` membership interests in the mutual life insurance company are exchanged for membership interests in the newly-formed MHC. As a result, the policyowners`` membership interests in the MHC will be similar to their membership interests in the mutual life insurance company prior to the reorganization. No consideration is distributed to the policyowners in an MHC reorganization because the membership interests are not extinguished, as they are simply transferred to th MHC. The contractual rights provided by their policies remain the obligation of the insurance company. Future owners of policies issued by the stock insurance company receive membership interests in the MHC. The stock insurance company-or an intermediate holding company that is interposed between the MHC and the stock insurer-can sell securities to the public, subject to the limitation that the MHC must own, directly or indirectly, not less than a majority of the voting stock of the insurance company. Most states have laws allowing mutual life insurance companies to convert to stock companies. These laws require approval of the plan of conversion by the company`s board of directors, policyowners, and regulators. While state demutualization may authorize several possible methods of demutualizing, the general process has become fairly standard. Once a decision is made to pursue an full demutualization, management of the mutual life insurance company prepares a plan of conversion that complies with state law. The first official act in a demutualization is the adoption of the plan of conversion by company`s board of directors. Demutualization statutes require that the plan of conversion be approved by an supermajority of the members voting. After approval by the company`s board of directors, the plan of conversion must be submitted to insurance regulator of the company`s state of domicile. For a variety of reasons, many mutual life insurance companies are reluctant to pursue a full demutualization. Following the decision to initiate an MHC reorganization, the mutual life insurance company`s management prepares a plan of reorganization that complies with state law. As in a full demutualization, the first official act in a MHC reorganization is adoption of the plan of the reorganization by the board of directors. All jurisdiction that have enacted MHC laws require the plan to be approved by an vote of eligible members. All jurisdictions require the insurance regulator of the state in which the mutual life insurance company is domiciled to approve the proposed MHC reorganization. If a MHC decides to move forward with a Phase II IPO, it will follow a process very similar to the process of a full demutualization. The restructuring of a mutual life insurance company has important consequences to its owners, who are also its customers. Our country`s insurance business law regulates mutual insurance company, but there is no mutual insurance company in our country. Therefore there is no practical need to discuss a conversion of a mutual insurance company. However, if there will exist a mutual insurance company in our country, we can adopt the debates regarding a demutualization in the United States.
더보기서지정보 내보내기(Export)
닫기소장기관 정보
닫기권호소장정보
닫기오류접수
닫기오류 접수 확인
닫기음성서비스 신청
닫기음성서비스 신청 확인
닫기이용약관
닫기학술연구정보서비스 이용약관 (2017년 1월 1일 ~ 현재 적용)
학술연구정보서비스(이하 RISS)는 정보주체의 자유와 권리 보호를 위해 「개인정보 보호법」 및 관계 법령이 정한 바를 준수하여, 적법하게 개인정보를 처리하고 안전하게 관리하고 있습니다. 이에 「개인정보 보호법」 제30조에 따라 정보주체에게 개인정보 처리에 관한 절차 및 기준을 안내하고, 이와 관련한 고충을 신속하고 원활하게 처리할 수 있도록 하기 위하여 다음과 같이 개인정보 처리방침을 수립·공개합니다.
주요 개인정보 처리 표시(라벨링)
목 차
3년
또는 회원탈퇴시까지5년
(「전자상거래 등에서의 소비자보호에 관한3년
(「전자상거래 등에서의 소비자보호에 관한2년
이상(개인정보보호위원회 : 개인정보의 안전성 확보조치 기준)개인정보파일의 명칭 | 운영근거 / 처리목적 | 개인정보파일에 기록되는 개인정보의 항목 | 보유기간 | |
---|---|---|---|---|
학술연구정보서비스 이용자 가입정보 파일 | 한국교육학술정보원법 | 필수 | ID, 비밀번호, 성명, 생년월일, 신분(직업구분), 이메일, 소속분야, 웹진메일 수신동의 여부 | 3년 또는 탈퇴시 |
선택 | 소속기관명, 소속도서관명, 학과/부서명, 학번/직원번호, 휴대전화, 주소 |
구분 | 담당자 | 연락처 |
---|---|---|
KERIS 개인정보 보호책임자 | 정보보호본부 김태우 | - 이메일 : lsy@keris.or.kr - 전화번호 : 053-714-0439 - 팩스번호 : 053-714-0195 |
KERIS 개인정보 보호담당자 | 개인정보보호부 이상엽 | |
RISS 개인정보 보호책임자 | 대학학술본부 장금연 | - 이메일 : giltizen@keris.or.kr - 전화번호 : 053-714-0149 - 팩스번호 : 053-714-0194 |
RISS 개인정보 보호담당자 | 학술진흥부 길원진 |
자동로그아웃 안내
닫기인증오류 안내
닫기귀하께서는 휴면계정 전환 후 1년동안 회원정보 수집 및 이용에 대한
재동의를 하지 않으신 관계로 개인정보가 삭제되었습니다.
(참조 : RISS 이용약관 및 개인정보처리방침)
신규회원으로 가입하여 이용 부탁 드리며, 추가 문의는 고객센터로 연락 바랍니다.
- 기존 아이디 재사용 불가
휴면계정 안내
RISS는 [표준개인정보 보호지침]에 따라 2년을 주기로 개인정보 수집·이용에 관하여 (재)동의를 받고 있으며, (재)동의를 하지 않을 경우, 휴면계정으로 전환됩니다.
(※ 휴면계정은 원문이용 및 복사/대출 서비스를 이용할 수 없습니다.)
휴면계정으로 전환된 후 1년간 회원정보 수집·이용에 대한 재동의를 하지 않을 경우, RISS에서 자동탈퇴 및 개인정보가 삭제처리 됩니다.
고객센터 1599-3122
ARS번호+1번(회원가입 및 정보수정)