Yes, mutuals are a differentiated form of cooperative. I think the simplest way to explain it is essentially that mutuals are owned directly by their purchasing policyholders, whereas cooperatives have a different structure to a certain degree. I think there are very many parallels in practice. Co-operators, however, as an insurer certainly have a different ownership structure than would a mutual company. For mutual companies, the incorporation articles derive out of provincial legislation in Ontario. Basically, mutuality is a very simple ownership structure. It's one policy, one vote, and ownership resides with the policyholders.
On July 10th, 2012. See this statement in context.