Mr. Domhnall Cullinan:

We saw examples across the industry of the use of commonly used cross-subsidisation between business lines of particular groups of policyholders. We also saw examples of firms' reliance on data and services from third parties or groups to support pricing and underwriting decisions. In that context, there may be issues around price optimisation. The real point was that there was a requirement under the Solvency II directive for the actuarial function to provide an opinion underwriting to the board on an annual basis. We did a great deal of work on clarifying exactly what our expectations were in that regard. We expect the opinion provided to each board to get into the issues of pricing so as to increase oversight and transparency to the board itself in order for it to be satisfied about its own pricing strategies.