For the avoidance of doubt, I should call attention to my interests in this respect. I am the chairman of a regulated insurance company, but it is not a mutual company. I was on the board of a mutual company but not since I have been a Member of Parliament.
My right hon. Friend mentions solvency II, but it is important to remember that that is an effort by Europe to catch up with a regime that has already been in operation in the United Kingdom for 10 years or so. The issue that he has outlined in relation to better risk assessment is something that our regulators required companies to do a decade or more ago. Europe is catching up in that regard.