Finance committee  Thank you very much for the question. Let me try to elaborate a little bit on the process that is envisioned in respect to this framework. As was stated in the economic action plan 2014, the government committed to providing a demutualization framework for P and C companies. As o

Finance committee  These issues, as well as many of the others that were identified to the government during the consultation process in June 2011 and in subsequent consequence processes, formed considerations that are assisting the department in formulating proposals on the framework. It's up to t

Finance committee  Thank you for the question. I don't presume to comment on the prerogative of Parliament to decide what is legislation versus regulations. Let me just say that in respect of, again, the existing framework for mutual life insurance companies, the framework seemed to have operated w

Finance committee  Again I don't presume to speak for the government, but on behalf of the department let me just say in using the similar approach in the framework that exists under the life demutualization framework we appreciate there are concerns and unique aspects of the mutual P and C industr

Finance committee  Let me try to answer this way. The proposed framework that the department would have in mind would set out all the relevant factors in the regulations.

Finance committee  If we use the mutual life insurance demutualization process as an example, a lot of the relevant details, and if you will, even the concerns that were raised by policyholders in the P and C process, were articulated in regulations. I think, as you said, sir, this process can be v

Finance committee  I don't think I'm in a position to comment on that, sir.

Finance committee  All I would say in response to that, sir, is that we heard loud and clear the concerns of the stakeholders during the June 2011 consultation process and subsequently...and I do appreciate your point that different companies have different views.

Finance committee  If you say so, sir.

Finance committee  Again, it seems to be moving forward very quickly with one key part of the entire framework, and again the entire framework, in our view, should be set out together with all the relevant important components so that everyone, all stakeholders, can see how the framework will opera

Finance committee  Ultimately the process has to be approved by the government, and the decision on whether to approve a demutualization returns to the Minister of Finance.

Finance committee  Yes. Certainly the intention was to permit the government to consider the use of a court, but it's not specified here in the legislation what exactly the court would do. One possibility would be that the court would facilitate negotiations between all the relevant parties.

Finance committee  Yes.

Finance committee  I think that's a fair statement. In effect the proposed amendments would set the definitions for these terms more or less in legislation as opposed to leaving it for regulations. Indeed it also purports to, I believe, change other definitions in regard to when there is quorum for

Finance committee  Thank you very much for the question. I would perhaps just refer back to your reference to the consultations that occurred in June 2011. I think it was clear, as it was articulated already, that there is actually seemingly little consensus on various aspects of frameworks such a