Insurance buyer groups have successfully struck down past efforts by U.S. commercial insurers to get Congress to remove tax advantages enjoyed by Bermuda competitors, and they'll probably do so again, a lobbyist suggested here.
"This is the third time that a faction of U.S. commercial competitors has attempted to create punitive tax treatment for non-U.S. competitors in 20 years," said Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers.
He was referring to an effort led by William Berkley, chairman of W.R. Berkley Corp., who testified before the Senate Finance Committee in September on behalf of a 14-member coalition of U.S. commercial insurers, urging lawmakers to adopt legislation to remedy what they view as an unfair tax advantage for foreign insurance groups.
Recommended For You
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
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
