NEWARK, N.J. (AP) _ Prudential Insurance Co. of America, the nation's largest life insurer, has filed its plans for becoming a publicly traded company with state regulators.

Under the plan delivered to Banking and Insurance Commissioner Karen Suter Wednesday, Prudential proposes giving cash or stock to 11 million policyholders that would be worth an average of about $1,800.

Suter must decide whether the deal is good for policyholders and the company. Prudential policyholders will vote on the proposal this summer, and Suter then has six weeks to make a decision.

Eligible policies include individual and group life and health insurance policies as well as annuities issued by Prudential and in force by Dec. 15, 2000.

The Newark-based Prudential, with more than $363 billion in assests under management as of the beginning of 2000, first announced in 1998 that it planned to convert to a publicly traded company from a mutual company owned by policyholders for the last 85 years.

Prudential's effort to convert to a public company comes after other major insurers, such as Metropolitan Life Insurance and John Hancock Mutual Life, have become publicly traded companies. Analyst have speculated Prudential could obtain an initial market value as high as $20 billion.