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Finance committee  The goal of the bill and the associated regulations is to create a fair and equitable process to move forward with demutualization if enough members support this process. If it becomes a company managed by shareholders and not by a mutual company, the reserves will be regulated t

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  The government cannot enforce the regulations before the act is in force. All this bill does is create an option indicating that the courts have a role to play. In similar situations, the courts have often had a role to play: ensuring that the process is fair and equitable and th

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  Have I read the finance committee report on demutualization?

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  That's a good question. I'm sure I've seen at least a summary. I may have read the report, but I read, I'm sorry to say, many reports.

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  It is indeed.

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  I'm not going to say up and down I wasn't there. I'm just not sure whether I was present at that meeting or not. I know I was a witness at a committee meeting about the mutual industry, but was it a Senate committee or a House committee? That, I'm afraid, I cannot recall.

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  I'm certainly aware of the fact that there isn't strong constituency for demutualization of every one of these companies. That said, the government will bring forward is a regime that would allow the members of each company to decide whether to demutualize or not. The governmen

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  If I understand your question, you're talking about when an insurance company has a change in governance, whether the company is required to keep the reserves within the company. Is that it?

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  I'm sorry. Did you say that only one member of—

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  Sorry, the majority of the companies?

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  And this is the majority of the management of the companies or the majority of the members of the companies, or which?

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  I would be happy to do that. I would also point out that the government organized a consultation on this and we received many submissions.

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  I don't have a specific deadline that I can share with you. All I can say is that the government is well aware, as you are, that there are certainly people involved in the industry who are anxious to be in a position to move ahead with this, and the government will take that into

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  Yes, but if you ask me a detailed question, I'll get it wrong.

May 6th, 2014Committee meeting

Jeremy Rudin

Finance committee  Let me get the list. There are seven federally incorporated property and casualty or general insurance companies that have a mutual structure. It's not necessarily the case that all of them would be interested in demutualizing, but that is the maximum.

May 6th, 2014Committee meeting

Jeremy Rudin