NU Online News Service, May 4, 4:27 p.m. EDT

WASHINGTON–The major impact on insurers from an offshore tax avoidance crackdown announced today by the Obama administration appears to be a proposal restricting a deduction of costs for financing foreign operations, according to industry sources.

Joe Sieverling, a senior vice president at the Reinsurance Association of America, and George Burke, a spokesman for the American Council of Life Insurers, both said the tax deferral component of the administration's plan appears likely to have the most impact on insurers.

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