CICA Seeks To Beat Tax Bill

The Captive Insurance Companies Association is trying to drum up opposition among risk managers to a proposed federal bill, H.R. 1755, which would increase taxes on U.S. subsidiaries of some foreign-based insurers that reinsure some risks with their parent companies.

Introduced by Reps. Nancy Johnson, R-Conn., and Richard Neal, D-Mass., the bill would require U.S. subsidiaries not subject to U.S. tax to defer the deduction for premiums paid for reinsurance until the time of a loss recovery. Chubb and The Hartford have supported this and similar bills in the past. (See NU, May 14, page 1.)

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