The Treasury Department has decided to give bailout money from the Troubled Asset Relief Program (TARP) to several life insurance companies.
Although the department has not officially announced the decision, sources close to the story expect the announcement to come within the next few days, according to a report by the Wall Street Journal. The report did not cite any sources, saying only that the sources were experts familiar with the matter.
In order to qualify for the funds, an insurer must own a federally chartered bank.
Although several companies, including Prudential Financial, Lincoln National, and Hartford Financial, do own such banks and applied for TARP funds last year, the government had not given them any funds, instead focusing on other industries.