Controversial legislation that would bar foreign-owned insurers from moving their U.S. earnings into so-called "tax havens" through a reinsurance transaction with an offshore affiliate was introduced late last month in the House of Representatives.
The bill–H.R. 3424, introduced by Rep. Richard Neal, D-Mass., who chairs the Subcommittee on Select Revenue Measures of the House Ways and Means Committee–prompted a flurry of responses from groups and individuals on both sides of the issue.
Opposing the bill is the Coalition for Competitive Insurance Rates, which includes Bermuda insurers and members of the Risk and Insurance Management Society. In a statement, the coalition said the bill "would drive up consumer insurance rates by reducing competition and critical U.S. insurance capacity."
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