The Senate Finance Committee has approved for discussion a draft tax reform proposal that includes a provision sought by domestic P&C insurers to change the tax treatment afforded offshore insurers doing business in the U.S.
Domestic insurers, led by W. R. Berkley Corp., Travelers and Chubb, would be the beneficiaries of the proposal, which was adopted by the Senate panel Nov. 19.
Offshore insurers, like ACE and Swiss Re, oppose the change. They say the proposal is similar to legislation introduced in the House and Senate that would reduce the tax benefits foreign insurers receive by ceding U.S. property and casualty premiums to their foreign affiliates.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
