There is a high degree of uncertainty

Given the difficult global economy and the increasing uncertainty caused by the impending war in Iraq, we were pleased to see modest revenue and operating earnings growth in our fiscal third quarter,

Bifurcation is subjective and will come down to actuarial judgment. Actuaries at different companies could easily come up with different opinions on how much risk is transferred by a contract.

They'll have to get it through the regulators, and that's where the gamesmanship will begin,

I think in time, once the production catches up with demand, that this won't be a problem anymore,

The uncertainty is petrol prices,