The Obama administration has again revived its proposal to reduce the tax benefits foreign insurers receive by ceding U.S. property and casualty premiums to their foreign affiliates.
The provision, contained in President Obama's budget for 2014 unveiled Wednesday, prompted a flurry of responses from domestic insurers who support the legislation—led by William R. Berkley, CEO W.R. Berkley Corp.—and challengers of the proposal.
Opponents include foreign insurers led by the Bermuda Association of Insurers and Reinsurers as well as a libertarian think tank and representatives of the Gulf Coast and Atlantic Coast who fear the proposal would raise the cost of catastrophic coverage in their states.
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