NU Online News Service, April 6, 3:47 p.m. EDT
WASHINGTON–Competing U.S. and Bermuda insurance interests have been ramping up lobbying efforts over a proposed tax code change that would impact Bermudian carriers U.S. profits.
The issue has been heating up since last December when, following a hearing, Sen. Max Baucus, D-Mont., the chair of the Senate Finance Committee panel, issued a draft proposal to disallow foreign insurers' ability to deduct excess non-taxed reinsurance premiums ceded by their U.S. affiliates to offshore units.
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