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Article: In Brief: Principal Financial Demutualization Step.(Principal Financial Group to become stock company)(Brief Article)
- Article from:
- American Banker
- Article date:
- April 3, 2001
- Author:
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The Principal Financial Group said Monday that its board of directors has voted unanimously in favor of a plan to convert from a mutual insurance holding company to a stock company.
That authorizes management to begin demutualization, which involves distributing the value of the company to holders of policies that were in force before March 31, 2000.
Under Iowa insurance law, the plan requires approval by policyholders and the state insurance commissioner. The company said it expects to file the plan with the ...