State Mutual Insurance Company
Encyclopedia
State Mutual Insurance Company is a mutual insurance
company located in Rome
, Georgia
, and currently specializing in the sale of Medicare Supplement Insurance
.
. 113 citizens of Rome were granted temporary licenses to act as insurance agents. Titled the "Million Dollar Campaign," their goal was to sell $1,000,000 worth of insurance policies in order to save a company and the jobs held there. In three weeks, the 113 new agents sold $1,431,000 of new life insurance policies. These new policies and those that were managed by the state insurance commissioner were combined to form State Mutual Insurance Company.
When State Mutual Insurance Company was formed, it was originally chartered under Florida Law
. At the time, there were no legal provisions in Georgia to accommodate a company without stockholders. In 1982, the company was re-chartered in Georgia.
company, so it is owned by its policyholders, not stockholders. Company decisions are made on behalf of the policyholders. State Mutual Insurance conducts business in 41 states including the District of Columbia.
, which was refurbished and then sold.
In the 1990s, State Mutual Insurance Company shifted its market to seniors. Life Insurance and Medicare Supplement products were developed with competitive rates. By the early part of the 21st century, State Mutual had over 1,000,000 Medicare Supplement policyholders.
In 2010, State Mutual developed a secure, Internet-based application system for obtaining a Medicare Supplement plan. Customers can request completely anonymous and secure quotes online, submit applications, and receive proof of their policies immediately.
State Mutual Insurance Company maintains its office in historic downtown Rome, just a few blocks away from its original 1936 location. A plaque currently hangs in their Rome office, celebrating their founding and states, "What Rome builds, builds Rome," and lists the 113 names of those involved in the Million Dollar Campaign.
Mutual insurance
A mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders. The primary form of financial business set up as a mutual company in the United States has been mutual insurance. Under this idea, what would have been profits are...
company located in Rome
Rome, Georgia
Located in the foothills of the Appalachian Mountains, Rome is the largest city and the county seat of Floyd County, Georgia, United States. It is the principal city of the Rome, Georgia Metropolitan Statistical Area which encompasses all of Floyd County...
, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
, and currently specializing in the sale of Medicare Supplement Insurance
Medigap
Medigap refers to various private supplemental health insurance plans sold to Medicare beneficiaries in the United States that provide coverage for medical expenses not or only partially covered by Medicare...
.
History
In 1937, six prominent figures of Rome made a plan to provide a source of employment and income for the people of Rome during the depressionGreat Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
. 113 citizens of Rome were granted temporary licenses to act as insurance agents. Titled the "Million Dollar Campaign," their goal was to sell $1,000,000 worth of insurance policies in order to save a company and the jobs held there. In three weeks, the 113 new agents sold $1,431,000 of new life insurance policies. These new policies and those that were managed by the state insurance commissioner were combined to form State Mutual Insurance Company.
When State Mutual Insurance Company was formed, it was originally chartered under Florida Law
Florida law
The Florida law is based on the Florida Constitution , which defines how the statutes must be passed into law, and defines the limits of authority and basic law that the Florida Statutes must be complied with...
. At the time, there were no legal provisions in Georgia to accommodate a company without stockholders. In 1982, the company was re-chartered in Georgia.
About State Mutual Insurance
State Mutual Insurance is a Mutual InsuranceMutual insurance
A mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders. The primary form of financial business set up as a mutual company in the United States has been mutual insurance. Under this idea, what would have been profits are...
company, so it is owned by its policyholders, not stockholders. Company decisions are made on behalf of the policyholders. State Mutual Insurance conducts business in 41 states including the District of Columbia.
Company growth
Throughout the 1980s, State Mutual absorbed six other life insurance companies and maintained policyholders and agents in over 30 states. State Mutual also purchased a Savings and LoanSavings and loan association
A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...
, which was refurbished and then sold.
In the 1990s, State Mutual Insurance Company shifted its market to seniors. Life Insurance and Medicare Supplement products were developed with competitive rates. By the early part of the 21st century, State Mutual had over 1,000,000 Medicare Supplement policyholders.
In 2010, State Mutual developed a secure, Internet-based application system for obtaining a Medicare Supplement plan. Customers can request completely anonymous and secure quotes online, submit applications, and receive proof of their policies immediately.
State Mutual Insurance Company maintains its office in historic downtown Rome, just a few blocks away from its original 1936 location. A plaque currently hangs in their Rome office, celebrating their founding and states, "What Rome builds, builds Rome," and lists the 113 names of those involved in the Million Dollar Campaign.
Founding members
| B.F. Archer | Van P. Enloe, Jr. | W. S. Horan | Fred Noble | Will Tarpley |
| F. L Baker, Jr. | B.S. Fahy | Fritz Horton | S. V. O'Lenic | J. C. Tedford |
| W. F. Barron | Wyatt H. Foster | U. N. Howell | Joe A. Palmer | Leonard G. Todd |
| E. W. Best | T. R. Frazer | Harold F. Hunter | Chastine Parker | W. M. Towers |
| W. B. Broach | Geston Garner | Marshall Jackson | Clyde Perry | L. M. Vandiver |
| Macon A. Brock | R. M. Gibson | C. T. Jervis | Will A. Patton | Geo. T. Watts |
| J. F. Brooks | Hugh Given | Horace C. Johnson | Happy Quarles | Clyde Wilcox |
| Harry V. Burks | Jas. T. Glover | Sam Jones | B. F. Quigg | Charles Wilkerson |
| G. C. Byars | John M. Graham | H. F. Joyner | John Redmond | R. G. Wilkerson |
| Geo P. Byrd | John Meredith Graham, Jr. | WM. C. Kane | Jack Robinson | O. P. Willingham |
| E. L. Cantrell | S.L. Graham | James F. Kelly | D. R. Roser | Tom Willingham |
| T. E. Clemmons | Elmer P. Grant | Luke Lamb | Freeman E. Self | W. E. Wimberly |
| Harold Clotfelter | Wallace Grant | Henderson L. Lanham | Hoyt M. Sessions | John H. Wood |
| Emmett Cole | Carl Griffin | Robt. C. Maddox | Denny E. Sharp | Graham Wright |
| Andrew J. Cothran | Leo F. Hackett | J. Fred Malone | J. J. Skelton | W. G. Wright |
| W. S. Cothran | Wilson M. Hardy | Frank Mann | T. S. Sloan | C. J. Wyatt |
| Leon Covington | W. B. Hale | Stewart A. Marshall, Jr. | Dr. Geo. B. Smith | R. M. Wyatt |
| John H. Daniel | S. C. Hall | C. F. McAllister | Theo. T. Smith | Hamilton Yancey |
| Mather D. Daniel, Jr. | A. B. Hammond | C. A. Milhollin | Bunyan Stephens | |
| Sam Davis, Jr. | C. B. Harle | Hugh Morgan | Fred Stivers | |
| Jas. F. Dejournette | G. A. H. Harris | Chas. R. Morris | Casper I. Stock | |
| Frank J. Dodd | Edward W. Hine | Luther R. Moss | J. L. Storey | |
| Tom M. Driskill | E. E. Holder | John G. Nelms | R. O. Storey |