JANUARY 18, 2007 - Posted at 7:56 a.m. CST
LITTLE ROCK (AP) - The Senate has passed a bill affecting how a mutual insurance company can turn into a stock-based insurance company.
Sponsoring Senator Robert Thompson, a Paragould Democrat, says the bill cleans up language in the process. He says de-mutualization, which involves taking a policy-based insurance company and turning it into one owned by stockholders, has occurred only once in Arkansas in the last 50 years. The bill now goes to the House.