The concept of mutual insurance originated in England in the late 17th century to cover losses due to fire.
[3] In North America the National Association of Mutual Insurance Companies (NAMIC), founded in 1895, is the sole representative of U.S. and Canadian mutual insurance companies in the areas of advocacy and education.
[6] The major disadvantage of mutual insurance companies is the difficulty of raising capital.
[7] In the 111th Congress, Carolyn Maloney sponsored a bill that she claimed would have protected mutual holding company owners.
[citation needed] Mutual holding companies are one way to undergo privatization, also called demutualization.