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MIB Heritage
MIB Group, Inc. ("MIB") is a membership corporation owned by approximately 430 member insurance companies in the US and Canada. Organized in 1902, MIB's Underwriting Services protect insurers, policyholders and applicants from attempts to conceal or omit information material to the sound and equitable underwriting of life, health, disability income, critical illness and long-term care insurance.

From 1902 through 1945, MIB was governed by a sub-committee of the Association of Life Insurance Medical Directors of America (ALIMDA). In 1946, MIB was established as an unincorporated association under New York law. In 1978, a decision was made to incorporate, thereby transforming MIB, as a business entity, from an unincorporated association into a Delaware membership corporation. The decision to incorporate MIB was well-reasoned and came at a critical crossroads in MIB's history. Incorporation provided MIB member companies with limited liability and rendered moot the lingering legal questions that MIB had about the ability of an unincorporated association to execute contracts in its own name, among other things.

As a "membership" or "non-stock corporation," MIB has not been capitalized through the issuance of stock and MIB has no shareholders. The MIB Organization MIB's members are the ultimate beneficial owners of the corporation. In contrast to "for profit" corporations, MIB was organized for purposes other than generating profit and no part of the corporation's income is distributed to its members, directors, or officers. However, MIB does not enjoy tax exempt status.

Recognizing the need to develop new products and services, MIB's Board of Directors and membership authorized management to reorganize the company in 1999. To do so, MIB Group, Inc. became a parent company (acting as a holding company) and two wholly-owned "for profit" stock subsidiaries were formed: MIB, Inc. and e-Services Corporation. [In 2006, the name "e-Services Corporation" was changed to "MIB Solutions, Inc."]. The current organizational structure of MIB Group, Inc. allows MIB Solutions to develop new products and services, while MIB Inc. continues to provide MIB's Underwriting Services (fraud protection). The
MIB - Risk Revealed brand was established in 2011 to message the expansive services MIB offers to today's insurance industry.

 

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Together with its members, MIB strengthens the industry, ensuring that companies can offer — and consumers can purchase — affordable life and health insurance protection.


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