The Risk and Insurance Management Society Inc. announced opposition yesterday to legislation that would cap U.S. insurers' tax deductions for reinsurance paid to foreign affiliates.
Under the measure (H.R. 6969), premium payments that exceeded the industry average for each line of property and casualty insurance business would be disallowed.
Rep. Richard E. Neal, D-Mass., a senior member of the U.S. House of Representatives Committee on Ways and Means, introduced the measure Friday.
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