Finance committee  Can I try to answer that question? Yes, indeed. Mutual insurance companies have a 75% market share of the farm market in Canada. Should they be taken over—because now it's possible to buy them, following the issuance of regulations that allow the demutualization of the companies

Finance committee  They cannot vote on sharing the surplus. They can vote on sharing the profit generated in the last year. When you generate a profit, that profit can be used in three different manners.

Finance committee  Well, the only proceeds they can share are the profits of the last year. This is where you decide what to do with them.

Finance committee  They cannot take money out of the surplus and give it to the policyholders.

Finance committee  No, no. When you transfer it to the surplus, it stays in the surplus.

Finance committee  Well, it is used when you make a loss in the year. You can take a profit—

Finance committee  We're not against a company that wishes to demutualize, if they say that is the route to follow. What we're saying is that company, first of all, should at least look at the possibility of merging with other mutual insurance companies. This is how we have operated for the last 17

Finance committee  Well, the mutual community. They don't own the company. This is the surplus of the company we are talking about. Once the money is transferred to the surplus of the company, it is owned by the company and not the policyholders. The policyholders use the services of the company,

Finance committee  Yes. Mutual life insurance companies had only been mutual insurance companies for about 30 years before they became demutualized 12 years ago. They became mutualized in the 1960s to protect themselves against takeovers by foreign companies. A company called Mutual Life at the tim

Finance committee  Our mutual companies contribute greatly to the development of communities. They are located in rural areas and, as a general rule, although it is not always the case, they represent approximately three employees for every $1 million in gross premiums written. In rural areas, it i

Finance committee  Yes, I disagree as to where the money should go. A mutual that wishes to demutualize should be allowed to do so.

Finance committee  I don't think so. When you have legislation in place that allows the company to have less than 100% voting policyholders, it could possibly bring an organization to think about ways to reduce the number of people who would benefit from this.

Finance committee  I think so.

Finance committee  I think so. They don't own the company.

Finance committee  Well, it's been built by many generations of all of the policyholders and now you have one-tenth of 1% of the current policyholders who say they own the company.