31.  Legislation is pending in Massachusetts, as it is in New York, that would enable mutual companies to issue stock as holding companies.

32.  Many in the industry consider it inevitable that mutual companies shift to public ownership.

33.  Measures favored by the mutual companies sped through the legislatures in most of the other states with little public discussion.

34.  Mutual companies cannot issue stock.

35.  Nationwide is a mutual company, meaning it is owned by its policyholders.

36.  New Jersey regulators also noted that Prudential, like many other insurance companies, is a mutual company, owned by policyholders instead of stockholders.

37.  New York state law requires a mutual company to hold an open hearing to explain its plans to policyholders, who then must give their approval.

38.  One big drawback of a mutual company is that because it has no shares to sell, it cannot easily raise money for expansion.

39.  Previously when mutual companies wanted to sell shares, they had to divide the accumulated profits of the company among policyholders.

40.  Q. Why are so many mutual companies doing this, and why are they doing it now?