The Treasury Department Wednesday confirmed that life insurers are qualified to join banks and carmakers on the list of industries getting taxpayer bailouts.
In a statement, the agency confirmed that certain life insurers are eligible to receive an unspecified amount of the money that remains from October’s $700 billion Wall Street rescue program. The transfer of the money is expected soon. ‘
‘There are a number of life insurers who met the requirements for the Capital Purchase Program because of their thrift or bank holding company status. These companies applied within the appropriate deadline,” said Andrew Williams, a Treasury spokesman, in a statement.
The $218 billion program was created as part of October’s bailout and is designed to help bolster the balance sheets of financial institutions.
