In property and casualty, I think it's really the competitive circumstances that have mattered the most. As we've been told, to start a federally regulated company you need to have enough capital and expertise in order to establish it. These aren't onerous. We do try to have a framework that balances the need for openness and competition with the ability to provide sufficient security to the policyholders that their insurance company will survive the length of the policy.
On May 1st, 2012. See this statement in context.