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Thanks, But No Thanks

Gift giving has always been a way of expressing love and admiration -- unless it's the Federal Government giving you billions of dollars to shore up the house of cards that is this country's current economy.

By Eric Gilkey | Updated on November 26, 2008

Gift giving has always been a way of expressing love and admiration — unless it’s the Federal Government giving you billions of dollars to shore up the house of cards that is this country’s current economy. Then it’s a sign you’ve failed as a capitalist.

At times like these, most industries would happily snatch up a “gift.” But P&C insurers aren’t like most industries, apparently. “We’re doing just fine, thank you,” is essentially what the U.S. Treasury Department heard from insurance groups such as the American Insurance Association (AIA) and the National Association of Mutual Insurance Companies (NAMIC) when it floated the idea of including insurance companies under the $700 billion emergency economic stabilization package approved by Congress. The two associations together represent more than 1,700 P&C insurers.

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