NU Online News Service, June 7, 3:35 p.m. EDT
WASHINGTON–Proposed tax legislation aimed at offshore reinsurers "will distort the playing field" to the advantage of U.S. insurers and increase costs for consumers, a lobbyist for Bermuda companies said.
Brad Kading, president, executive director of the Association of Bermuda Insurers and Reinsurers, speaking during a panel discussion on legislation proposed by Rep. Richard Neal, D-Mass., said the tax would cost consumers $10-to-$12 billion more annually. The reason, he said, is because the tax would drive a 20 percent reduction in the supply of reinsurance to the U.S. market.
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