The Treasury has particular responsibilities for financial mutuals, including building societies, mutual insurers, co-operatives and credit unions.
In particular, the successful example of Swiss Life, which has seen its shares more than double since it fully demutualised last July, is giving some German mutual insurers food for thought.
Other investors include mutual funds, insurers, and the municipal housing society.
The priority for those framing Europe's new financial regulations should be to encourage rather than impede the emergence of new providers of finance, including insurers, mutual funds, specialist lenders or even larger companies in the supply chain.
Most insurers are accessible only through mutual funds or are simply unlisted.
Since most life insurers are not listed companies but mutual societies, disclosure standards are poor.
For example, in France and the Netherlands, two of the bigger retail markets, 70-90% of mutual funds are sold through banks and life insurers.
Unlike many big insurers, especially in Europe, Northwestern Mutual has resisted acquisitions.
ECONOMIST: At least one insurance company in the world is thriving
Big insurers such as Nippon Life and Dai-ichi Mutual have been making ends meet partly by squeezing costs.
The cost of the repair, revealed in Mutual Energy's accounts, is still being examined by the insurers.
Perhaps the most important is that, due in good part to the demise of Executive Life and Mutual Benefit, several rating agencies now scrutinise the ability of life insurers to meet their claims.
Early signs show the insurers have the edge: A Mississippi judge ruled in August in favor of Nationwide Mutual's refusal to pay a flood claim.
They can be particularly lucrative for insurers because of high upfront commissions, plus ongoing "trailer" commissions and the underlying fees for the mutual funds included in them.
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