Seeking to ensure that all carriers pay their fair share of taxes, a U.S. Senate panel last week examined relationships between insurers and foreign reinsurers–particularly if they are affiliates of the same company. The hearing featured a face-off by two major carriers.
Senate Finance Committee members were not evaluating specific proposals, and did not debate specific legislative proposals–although Sen. Byron Dorgan, D-N.D., who appeared as a witness, asked the committee to consider legislation he authored (S. 396) to help curb offshore abuses. Effectively, he said, his bill would examine companies moving offshore to ensure they are actually making a substantive transaction.
“We tax you as if you never moved to that tax haven,” he said.
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