Mr. Speaker, allow me to explain our position in detail.
There are a number of steps that a company would have to undertake before making an application to demutualize, including developing a conversion proposal and having it approved by eligible policyholders. How these steps are carried out and how long the company has to do so would depend on whether the company has only mutual policyholders or both mutual and non-mutual policyholders. The time required to complete a demutualization process will therefore depend on the company.
As I mentioned earlier, throughout the process policyholders are being kept well informed through various disclosure requirements and are given access to external experts. I can reassure the hon. member that we will continue to protect Canadians and their financial interests at all times.