CUNA changes its structure

Wednesday, February 15, 2012

CUNA Mutual is changing its corporate structure to allow it to raise more capital, the group said on Monday.

The new entity, whose name will be revealed tomorrow, will not be limited by the rules for mutual societies.

However, other parts of the group will maintain their mutual status.

"The new organisational structure will protect the immediate and long-term interests of policyholders while offering capital flexibility," the group said in a statement.

CUNA Mutual Insurance Society, which has branches in over 30 countries, will also reveal new benefits for its policyholders at the launch in the Pegasus hotel, New Kingston.

The group offers several products and services in Jamaica, including a Family Indemnity Plan, Loan Protection Insurance and Life Savings Insurance which are provided through credit unions for its almost one million customers worldwide.

CUNA Mutual Group, which encompasses CUNA Mutual Society, has been operating for more than 75 years and is run locally by country manager David Wan.

The name CUNA originally stood for Credit Union National Association.