WASHINGTON--A majority of members of the American Insurance Association feel they are "well capitalized and well positioned" to deal with the current economic turmoil and don't plan to participate in the federal government's program to buy troubled assets.
The AIA's position was disclosed in a statement today signed by Evan Greenberg, chairman and chief executive officer of ACE Group and AIA chairman.
The AIA's position is contrary to that of the American Council of Life Insurers and its members. In recent comments, ACLI and its members said they have met with Treasury officials and asked them to allow life insurers to participate in the bailout plan, the Troubled Asset Relief Program (TARP).
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