The fault lines between domestic and offshore insurers again opened due to bills in the House and Senate of legislation that would reduce the tax benefits foreign insurers receive by ceding U.S. property and casualty premiums to their foreign affiliates.
The bills are S. 991, introduced in the Senate by Sen. Robert Menendez, D-N.J., a member of the Senate Finance Committee, and H.R. 2054, introduced in the House by Rep. Richard Neal, D-Mass., ranking member of the House Ways and Means Select Revenue Subcommittee.
They are somewhat different, however, from the proposal that has been included in the Obama-administration budget for the last several years.
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