NU Online News Service, June 1, 12:30 p.m. EDT

WASHINGTON–Despite U.S. insurer arguments to the contrary, proposed taxes on offshore insurers, through new legislation, are discriminatory, a lawyer and consultant working for an international think tank contended.

The bill in question, H.R. 3424 (http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3424ih.txt.pdf), introduced by Rep. Richard E. Neal, D-Mass., is designed to limit deductions "paid by a foreign-owned insurance company based in the U.S. to its foreign affiliates."

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