We have had a situation in Canada for a number of years now, probably back to the 1980s, where we've had private mortgage insurance offered within Canada. There was a decision to give CMHC a commercial mandate to offer mortgage insurance and to allow private mortgage insurers to enter the market. So a number of private mortgage insurers have entered the Canadian marketplace over the last 20 or 30 years.
This piece of legislation converts the existing contracts that exist between the government and each individual private mortgage insurer into a piece of legislation. It abrogates those existing outstanding contracts; rather, it brings those private mortgage insurers into a legislative framework. It will be clearer to Canadians and clearer to the private mortgage insurers the framework that exists for them to do business in Canada. It doesn't alter the share of private mortgage insurance offered in Canada vis-à-vis the public or of CMHC mortgage insurance. Currently there is a sharing of that mortgage insurance pie, if you will, between CMHC and the private mortgage insurers.
So it doesn't alter that distribution; it just pulls the existing private contracts into a piece of legislation.