Finance committee  Certainly. In our submission to the Department of Finance, we did ask that the regulations contain provisions consistent with those in the life insurance regulations, where we are given two years' takeover protection post-IPO.

Finance committee  It will have an impact on the value of the company during that period of time and our ability to use our access to the capital markets to acquire other operations.

Finance committee  I think it is a little bit overblown that we're going to go on a spree acquiring all the small mutual companies. They're just too small to spend the resources to integrate, and they have a real place in the marketplace.

Finance committee  Yes. Our roots are in southwestern Ontario. We have a significant policyholder base in Ontario, the whole of southwestern Ontario, the GTA area, and it's quite extensive in the Ottawa Valley as well.

Finance committee  That's really where we started. It was later in our history that we expanded nationally. We have operations from coast to coast.

Finance committee  To establish a mutual...?

Finance committee  First, you have to have a lot of capital. You have to be able to put up the capital. You have to bring forward—this is probably better answered by the Department of Finance—a complete business plan and proposal on how you are going to capitalize the company, how you're going to m

Finance committee  Yes.

Finance committee  Yes.

Finance committee  For example, at 269% MCT we have excess capital, but it is nowhere near enough capital to participate in some of the consolidation that has been occurring in our industry. If you look in 2011, AXA sold their Canadian operations. Intact bought it, one of our competitors. They we

Finance committee  I'm not sure that's the right statistic. I don't know relative to Canadians, but I know in total there are over 300 P and C insurance companies licensed to do business in Canada. There's lots of competition.

Finance committee  That's a fair assessment.

Finance committee  No.

Finance committee  From all of my discussions I have had with brokers who have sold these policies over the years, I don't believe there was ever any anticipation that there might be significant proceeds from demutualization. I don't think that was a factor at all. I believe those who were willing

Finance committee  That's correct.