Fred Woollard led an unsuccessful bid in 2000

The Edinburgh-based insurer has been protected from any attempts at ending its mutual status, and forcing it to float on the stock market, for the last three years.

The grace period ran out on 27 June, and David Stonebanks, a Standard Life policyholder from Hertfordshire says he now has enough forms to push for a vote on the mutual's status.

Mr Stonebanks, 63, a retired electronics teacher, said he had lost faith in with-profit policies, not Standard Life itself.

Carpetbaggers

Once Standard Life receives the forms, the insurer has three weeks to either reject or accept the application.

Standard Life remains committed to mutuality and we believe there would e be no business case to demutualise Standard Life spokesman

If 1,000 forms are deemed "valid" by the insurer, it must hold a special general meeting within three months.

Within that time, policyholders would then be given a chance to vote on the mutual's status.

Many people have seen the value of their with-profits policies, which include endowments and certain types of pensions, slashed in recent years because of poor stock market conditions.

Mr Stonebanks has calculated that if Standard Life was floated on the stock market, policyholders could pocket a payout of free shares averaging between �2,000 and �2,500.

In 2000 Standard Life beat an attempt by another carpetbagger, called Fred Woollard.

A spokesman for Standard Life, said: "Standard Life remains committed to mutuality and we believe there would be no business case to demutualise."