Although the U.S. Treasury Department's $250 billion Capital Purchase Program is open only to federally regulated U.S. controlled banks, savings associations and certain bank and savings and loan holding companies, a number of insurers also submitted applications for relief under the program. To meet eligibility requirements, some insurers filed with the Office of Thrift Supervision to become savings and loan holding companies; others were already eligible by virtue of being organized as bank holding companies. Insurers are seeking shelter under the Troubled Asset Relief Program (TARP) to increase the capital they have available to cover insurance and annuity costs or gain protection from losses in their investment portfolios. Not all life insurers are seeking funds under the TARP, however, as New York Life Insurance Co., Massachusetts Mutual Life Insurance Co. and State Farm have declared that they will not participate. Several major P&C carriers also disclaimed any interest in federal funding.