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Corporate Forms and Organizational Choice in International Insurance$
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Robin Pearson and Takau Yoneyama

Print publication date: 2015

Print ISBN-13: 9780198739005

Published to Oxford Scholarship Online: December 2015

DOI: 10.1093/acprof:oso/9780198739005.001.0001

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Support for Mutual Insurance Companies during the Franco Dictatorship (1939–75)

Support for Mutual Insurance Companies during the Franco Dictatorship (1939–75)

Chapter:
(p.193) 9 Support for Mutual Insurance Companies during the Franco Dictatorship (1939–75)
Source:
Corporate Forms and Organizational Choice in International Insurance
Author(s):

Jerònia Pons Pons

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198739005.003.0009

This chapter examines the thesis that political ideologies can influence the organizational form of companies, in this case in Spanish insurance under the Franco dictatorship. The number of mutuals increased during the first decades of the regime until they accounted for over half of Spanish insurance companies by 1950. Government policy was able to influence the diffusion of mutualism through legislative and fiscal measures, sometimes, but not always, for political reasons. Insurance executives took advantage of the benefits of mutual organization and their preferential treatment to acquire shares and control joint-stock companies, in order to carry out insurance activities that could not be done through the mutual form of organization, or to defend their private interests. These activities explain the commitment of the senior executives of the largest mutuals to maintain the mutual system, as conversion into stock companies may have entailed a loss of their control and power.

Keywords:   mutualism, demutualization, Franco dictatorship, social insurance, industrial accidents

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