Yes, if we're talking about a demutualization. The most studied case was the case of the Economical Mutual Insurance Company.
It had a million policyholders but only 943 mutual policyholders. The capital had been accumulated over a period of 125 years. Each mutual policyholder would have received about $1.6 million, while regular policyholders would have been left high and dry. My question is whether the government has provided any assurances in this bill that the reserves will remain indivisible in the case of demutualization.