Controversial legislation that would bar foreign-owned insurersfrom moving their U.S. earnings into so-called "tax havens" througha reinsurance transaction with an offshore affiliate was introducedlate last month in the House of Representatives.
The bill–H.R. 3424, introduced by Rep. Richard Neal, D-Mass.,who chairs the Subcommittee on Select Revenue Measures of the HouseWays and Means Committee–prompted a flurry of responses from groupsand individuals on both sides of the issue.
Opposing the bill is the Coalition for Competitive Insurance Rates, which includesBermuda insurers and members of the Risk and Insurance ManagementSociety. In a statement, the coalition said the bill "would driveup consumer insurance rates by reducing competition and criticalU.S. insurance capacity."
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