The SEC Division of Corporation Finance granted an exemption from the registration of membership interests in a Wisconsin mutual insurance company undergoing reorganization to become a stock insurance company.
The American Family Mutual Insurance Company's ("AFMIC") request for relief stemmed from the AFMIC's conversion from a mutual insurance company to a stock insurance company, which included the restructuring of mutual insurance companies to stock insurance companies, with a mutual insurance holding company as the ultimate parent.
The SEC granted the no-action relief in reliance on AFMIC's opinion of counsel that membership interests are not securities within the meaning of the Securities Act or the Exchange Act.
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