NU Online News Service, Feb. 2, 3:42 p.m. EST
WASHINGTON–Insurance industry representatives said President Obama's new effort to tax insurers who cede premiums to overseas affiliates is far tougher than previous proposals aimed at low-tax offshore havens.
The Obama administration's concept contained in the budget it released yesterday unleashed withering criticism from a spokesman for Bermuda insurers as well as officials of the Risk and Insurance Management Society Inc., which represents commercial insurance buyers.
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