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March 30, 2009 at 08:00 PM
Lincoln National Corp. is getting statutory capital relief from an arm of Goldman Sachs Group Inc. rather than participating in a federal bank support program.
Lincoln, Radnor, Pa., says it has withdrawn a previously announced application submitted to the Federal Deposit Insurance Corp.’s Temporary Liquidity Guarantee Program.
Lincoln qualifies as a savings and loan holding company, and it thought at the time that it might be eligible for TLGP participation, the company says.
“At this time, we do not believe that we qualify under the current provisions of the TLGP, and, therefore, we have decided to voluntarily withdraw our application to participate in the program,” Lincoln says in a report filed with the U.S. Securities and Exchange Commission.
If Congress changes TGLP eligibility rules in the future, “to the extent that the provisions of the TLGP are revised to broaden participation in the program under terms otherwise acceptable to us, we would consider submitting another application,” Lincoln says.
In related news, Lincoln says it has agreed to reinsure an in-force block of universal life and variable universal life insurance policies written by Lincoln National Life Insurance Company and predecessor companies with Commonwealth Annuity and Life Insurance Company, Southborough, Mass., a subsidiary of Goldman Sachs, New York.
