One Minute Texas Insurance License Study Guide - Life and Health Part 11 - TYPES OF INSURANCE COMPANIES Mutual Companies - Participating Mutual insurance companies are also organized and incorporated under state laws, but they have no stockholders. Instead, the owners are the policyholders. Anyone purchasing insurance from a mutual insurer is both a customer and an owner. He has the right to vote for members of the board of directors. Mutual companies are referred to as participating companies b