As was described earlier on in the speech, the life insurance regulations for demutualization were brought in around 1999, and four of the five companies proceeded to demutualize. In those cases, votes were provided to just their participating policyholders, so those are the type of policyholders who traditionally get to vote on management of those mutual companies. There was one mutual life company that actually decided to provide votes also to non-fire policyholders. Those would be similar to the cash policyholders who we're speaking of in the P and C world. That was Clarica.
So that's how the votes were distributed, and benefits were also provided basically to those different groups of policyholders.
On the other issue of apportionment of benefits, there was a very similar approach taken where there was a fixed benefit given to policyholders who had a right to vote, and in addition to that other variable benefits were given, based on other factors as well.
This was assessed. Actuaries were involved in the process and made determinations that this was fair and equitable to those policyholders involved, and the companies proceeded with their demutualization in that case. As was mentioned, in the case of the life mutual companies that demutualized, there was a two-year moratorium on takeovers. There was a requirement that the companies continue to be widely held.