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Prudential's Plan of Reorganization Issued.

The Prudential Insurance Company of America, the carrier that underwrites the various insurance programs sponsored by the AICPA Insurance Trust, recently filed its Plan of Reorganization with the New Jersey Department of Banking and Insurance. The Plan details the company's proposal for converting from a mutual insurer owned by its policyholders to a publicly traded company owned by stockholders. As a Prudential policyholder, the Trust expects to be eligible to receive consideration under Prudential's Plan of Reorganization.

Although the amount and type of consideration -- which could take the form of stock, cash or both -- that will be received by the Trust is unknown at this time, the AICPA Life Insurance/Disability Plans Committee and its Task Force for Demutualization are continuing to monitor the demutualization process and are currently in the process of reviewing Prudential's Plan of Reorganization. The Life Insurance/ Disability Plans Committee will continue to keep subscribers to the AICPA Insurance Trust informed of future developments concerning the demutualization as more information becomes available.
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Publication:CPA Letter
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 1, 2001
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