Who is responsible for electing the governing body of a mutual insurance company?

In the context of a mutual insurance company, the policyholders are the ones who have ownership of the company. In a mutual insurance setup, the policyholders share in the profits and losses of the company, and they play a crucial role in its governance. This ownership model allows policyholders to elect the governing body, typically a board of directors, who are responsible for managing the operations and strategic direction of the company. This election is a fundamental principle of mutual companies, ensuring that those who have a vested interest in the company's performance have a voice in its decision-making.

The other groups mentioned do not have this authority. The board of directors is responsible for the company's management but is elected by the policyholders. State regulators oversee compliance with insurance laws and regulations but do not have a role in the election process. Insurance agents may facilitate the sale of policies but do not have ownership rights or governance responsibilities within the mutual insurance company. Therefore, the primary responsibility for electing the governing body lies with the policyholders, affirming their role as stakeholders in the mutual insurance structure.