SEC Grants Registration Exemption to Mutual Insurance Company

The SEC Division of Corporation Finance ("Division") granted an exemption from registration of membership interests to a Georgia-based mutual insurance company reorganizing to become a stock company.

In response to a request for relief by the MAG Mutual Insurance Company, the Division agreed to rely on the Company's opinion of counsel that relevant membership interests in MAG Mutual Holding Company are not securities, as classified by the Securities Act or the Exchange Act.