The European Commission voiced strong opposition to a proposal that would impose new taxes on insurance premiums ceded to foreign affiliates of domestic insurers.

In a letter to the U.S. Treasury Department, Angelos Pangratis, acting head of the European Union’s U.S. delegation, expressed concern about a provision in President Barack Obama’s administration’s proposed budget for 2011 that would deny U.S. tax deductions on reinsurance cessions to affiliated reinsurance companies located outside the United States.

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