NU Online News Service, June 9, 12:00 p.m. EDT
WASHINGTON--A proposed tax on offshore reinsurers will likely raise costs for crop insurers and could reduce even further the players in that market, a lobbyist for Bermuda insurers warned Monday.
Brad Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers, said domestic insurers are wrong in saying that, because the government sets the price for crop insurance, the proposed tax will not have an impact on rates.
The issue was raised as the National Crop Insurance Services (NCIS), which negotiates on behalf of the crop insurers, continues to work with the Risk Management Agency (RMA), a bureau at the U.S. Department of Agriculture, on a Standard Reinsurance Agreement for NCIS member companies.
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