Mr. Bernard Sheridan:

As I said, we did act on our concerns by making sure the appropriate regulatory authority was looking at the issue and trying to resolve it. As one can see from the statement by the Maltese authorities, they were taking further steps to try to deal with the solvency position of the firm. We did not feel we were in a position to warn people about the company until the Maltese authorities came to a conclusion on whether there were serious issues there or not. The Maltese took the action they did to try to get the bottom of the matter as a result of our inspection and our pressing of them. They initiated a third-party review of the firm, which confirmed our concerns. Until that point, the company and its representatives were fiercely disputing our concerns. The Maltese authorities proceeded to take serious action by suspending the firm from issuing new policies.