NU Online News Service, MAY 18, 3:55 p.m. EDT
WASHINGTON–The Property Casualty Insurers Association of America (PCI) is asking the Treasury Department to "tread carefully" in providing financial aid to life insurers with property-casualty operations so as to ensure those receiving such aid don't wind up with an unfair competitive advantage.
The statement by David Sampson, PCI president and chief executive officer, was moderate in tone. It was prompted by Treasury's announcement Thursday that it had preliminarily agreed to provide financial assistance under the Capital Purchase Program for six insurers.
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