Which type of insurance company allows policyholders to vote on the Board of Directors?

Mutual insurance companies are owned by their policyholders, which distinguishes them from other types of insurance companies. In a mutual insurance company, since the policyholders are actually the owners, they have the right to participate in governance. This includes voting for the Board of Directors, which influences the company's management and policies.

This structure creates a direct link between the interests of the policyholders and the operations of the company, as the decisions made by the Board can directly affect the policyholders. In contrast, stock insurance companies are owned by shareholders and do not grant voting rights to policyholders, while reciprocal insurance companies are typically structured around a group of individuals who agree to share risks, and also do not operate in the same way as mutual companies. Non-profit insurance companies may focus on service rather than profit but do not necessarily provide policyholders with voting rights in the way mutual insurance companies do.