Senate Moving On Bermuda Loophole Washington
The United States Senate last week approved language that would shut down the so-called “Bermuda reinsurance loophole,” although details were still sketchy at press time.
As part of the debate over the fiscal year 2004 budget, the Senate adopted an amendment by Sen. Carl Levin, D-Mich., aimed at preventing U.S. subsidiaries of Bermuda-based insurance companies from allegedly avoiding U.S. taxes by reinsuring business with their parent companies.
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