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In addition, Mountain Lakes did not own an insurable interest in the property at the time of the fire as it had disaffiliated itself from the Church of God. ....
Iowa insurance commissioner approves GuideOne reorganization plan Thursday, April 1, 2021 3:09 PM GuideOne Mutual Insurance has received approval from Iowa Insurance Commissioner Doug Ommen to reorganize from a domestic mutual insurance company to a stock insurance company. The reorganization, which will be conducted through two separate transactions, is expected to enable the West Des Moines-based insurer to increase its access to growth capital and to be better situated to acquire companies in the future as well as generate greater operating efficiencies. In an order dated March 29, the insurance commission found that the agreement and reorganization plan properly protects the interests of both GuideOne Specialty’s policyholders and GuideOne Mutual’s policyholders as required by state law, and that there are no reasonable objections to the plan. Under the reorganization, effective April 1, policyholders of GuideOne Mutual Insurance Co. and GuideOne Sp ....
GuideOne officials make case for reorganizing as stock company Thursday, February 18, 2021 10:24 AM Iowa’s insurance commissioner on Wednesday heard testimony from GuideOne Mutual Insurance executives to consider the company’s application to reorganize from a domestic mutual insurance company to a stock insurance company. The reorganization, which would be conducted through two separate transactions, is expected to enable the West Des Moines-based insurer to increase its access to growth capital and to be better situated to acquire companies in the future as well as generate greater operating efficiencies, company executives said. The plan is the result of an evaluation of the company’s corporate structure that GuideOne’s board of directors initiated in 2018. As part of its exhibits, GuideOne filed a public copy of the reorganization plan with the insurance commission. ....