Thank you, Chair.
We're talking about the framework. The authority to create the framework should be set out in forthcoming regulations, as it was done in the life demutualization process. The property and casualty companies’ unique circumstances require a framework that is flexible enough to address the dual structure of some of the companies that they seek to demutualize.
The government has committed itself in economic action plan 2014 to consult on this framework. We must remember that this sets out the authority to set out that framework alone, and that consultations will take place when that process begins.