As opposed to the others, yes.
To the Canadian Association of Mutual Insurance Companies, as I understand mutual funds, the company is owned by its policyholders, and one of the ways in which it becomes a very attractive product is that there are sometimes profit distributions to the policyholders on a certain profit level. So I'm a little puzzled by your argument with the banks, who (a) want into retail insurance distribution and (b) are complaining that they have to set up offshore vehicles.
In your case, you don't have to set up an offshore vehicle for “tax purposes” because you're making your distribution directly to your policyholders. If you will, it's akin to an income trust. The revenues, the profits, are distributed directly to the policyholders; in income trust it's directly to the unitholders. So doesn't that give you, effectively, an enormous competitive advantage over other entities trying to sell insurance, whether it's demutualized insurance companies or banks?