WASHINGTON--U.S. Sen. Hillary Clinton's announcement that if elected president she would eliminate foreign insurers' "unfair" tax advantage is based on a "myth," said a Bermuda insurers' representative.

The New York Democrat, who has been trailing Sen. Barack Obama, D-Ill., in the Democratic primary, issued a call for eliminating the tax advantage she said foreign insurers have in the United States in a campaign statement issued this week.

But Brad Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers, said in a statement that "it is a myth that there is a U.S. tax loophole that exists to benefit non-U.S. insurers."

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