Hartford Financial, Lincoln National Receive Thrift Charters
January 09 2009 - 4:32PM
Dow Jones News
Hartford Financial Services Group (HIG) and Lincoln National
Corp. (LNC) were granted thrift charters Friday, clearing a hurdle
for their insurance affiliates to receive capital infusions under
the Troubled Asset Relief Program.
Hartford Financial has a number of life-insurance affiliates,
while Lincoln National is the parent of Lincoln National Life
Insurance Co.
The Office of Thrift Supervision announced the approval of the
thrift charters for Hartford and Lincoln on its Web site.
The life-insurance industry has been lobbying to receive federal
rescue aid under TARP, as insurers' investment portfolios have been
badly battered by the financial turmoil.
The Treasury told the industry that only companies with a
federal regulator are eligible for the program. Some insurers, such
as MetLife (MET), have long held thrift charters. The industry,
however, is almost exclusively regulated at the state level.
-Jessica Holzer, Dow Jones Newswires; 202-862-9228; jessica.holzer@dowjones.com
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