CICA Seeks To Beat Tax Bill
The Captive Insurance Companies Association is trying to drum up opposition among risk managers to a proposed federal bill, H.R. 1755, which would increase taxes on U.S. subsidiaries of some foreign-based insurers that reinsure some risks with their parent companies.
Introduced by Reps. Nancy Johnson, R-Conn., and Richard Neal, D-Mass., the bill would require U.S. subsidiaries not subject to U.S. tax to defer the deduction for premiums paid for reinsurance until the time of a loss recovery. Chubb and The Hartford have supported this and similar bills in the past. (See NU, May 14, page 1.)
"We have been in communication with all of our members urging them to contact their own U.S. Representatives and Senators in opposition to this legislation," said Carl Modecki, president of CICA and principal of Carl A. Modecki Consulting Services in McLean, Va.
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