Competing U.S. and Bermuda insurance interests have been ramping up lobbying efforts on Capitol Hill over a proposed tax code change that would impact treatment of U.S. business ceded to Bermudian carriers.

The issue has been heating up since last December when, following a hearing, Sen. Max Baucus, D-Mont., chair of the Senate Finance Committee, issued a draft proposal to disallow the ability of foreign insurers to deduct excess non-taxed reinsurance premiums ceded by their U.S. affiliates to offshore units.

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