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.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
