There is a separate demutualization legislation for life insurance companies. Most of the industry was demutualized in the late 1990s or early 2000s. I would say by all accounts that went extremely well, and I think those who benefited from it felt they were.... I should say all the people involved in that process felt they were fairly treated.
What is now being discussed by the finance ministry is the whole issue of demutualization in the property and casualty insurance business, on which I really am not in a position to comment.
This Bill S-5 doesn't deal with the demutualization issue. That's a separate piece of legislation, which has been on the books for some time.