Finance committee  As the ownership of the company transfers from policyholders, who really don't have the ability to sell the company, to a stock company, it becomes available on the market. Certainly, in the case of the smaller mutual companies that are spread across the country, we're all based

Finance committee  The reason we started in the first place was because the product wasn't available in the market. In our case I think there were six farmers sitting around the table in a small community, where our head office still is, who made that decision and moved forward.

Finance committee  Our concern is that we have other parties coming in and getting involved in this process.

Finance committee  With regard to the distribution of the ownership or....?

Finance committee  I think the overriding concern that we have relates to the ability of a certain smaller group to push forward a demutualization process that may or may not be in the best interest of all the policyholders.

Finance committee  Who gets the ownership is really the issue at point here. It's not so much a cash distribution, as Ms. Gavan suggested. The company will go from a mutual company that is owned by all of the policyholders to a certain group of individuals owning shares all of a sudden, and those s

Finance committee  We're required to have investment portfolios.

Finance committee  Yes.

Finance committee  I would look at a strong majority of two-thirds to 75%.

Finance committee  Over the last 10, about $1.5 million.

Finance committee  Most of the time, yes. We're competing against everyone in the marketplace, and we are still continuing to move along and grow. I would suggest our company has a majority of the agricultural business in the province.

Finance committee  Yes. I think in terms of the MCT ratio, which is a ratio the government uses to ensure we are strong, their minimum requirement is 150%. Ours would be somewhere in the order of 900% to 1,000%.

Finance committee  Yes.

Finance committee  Our concern is that the process doesn't take into account that there are about 106 mutuals in the country. One is looking to demutualize. We want to make sure there is protection so that the rest of us who choose not to are not sort of forced into that position by a third party t

Finance committee  Thank you, Mr. Chairman and members of the committee, for the opportunity to appear before you today. The matter of demutualization is of great importance to our industry, and specifically our company. My name is Dan Lister and I'm the president and CEO of the Kings Mutual Insu