NU Online News Service, June 11, 11:20 a.m. EDT
NEW YORK and WASHINGTON–Proposed legislation denying tax deductions for reinsurance premiums paid to offshore affiliates will likely pass through Congress, a Bermuda executive predicted here yesterday, but he criticized the measure as a restriction of free trade.
Speaking at the Standard & Poor's Insurance Conference held here, Edward Noonan, chief executive officer, Validus Holdings, Ltd., said the "need for revenue in Washington will probably outweigh the need for principled regulation and taxation," when asked about the potential fate of H.R. 3424, the so-called "Neal bill," sponsored by Rep. Richard Neal, D-Mass.
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