LMR – February 2017

“It is no exaggeration to say that, once the more active part of the intellectuals has been converted to a set of beliefs, the process by which these become generally accepted is almost automatic and irresistible… the sieve through which all new conceptions must pass before they can reach the masses.” —F.A. Hayek

BankNotes – February 2017

A mutual insurance company is an insurer that is owned 100% by its policyholders. Policyholders in a mutual are “contractual creditors”1 of the assets of the company. This means that a policyholder has ownership, membership, and contractual rights vested to them by state law. When a mutual insurance company demutualizes it converts completely to a stock company owned by shareholders. When this happens it loses its mutuality. A mutual insurance holding company (MIHC) is something altogether different—