NU Online News Service, July 14, 3:46 p.m. EDT
WASHINGTON--Domestic and foreign insurers traded barbs--although the foreign insurers did so anonymously--at a congressional hearing today over whether the U.S. should tighten rules dealing with the ceding of premiums to offshore parent companies by U.S. affiliates.
The fireworks took place at a hearing today before the Subcommittee on Select Revenue Measures of the House Ways and Means Committee over two proposals designed to restrict the ceding of premiums offshore.
One of the provisions, proposed by the Obama administration, is projected by the Joint Tax Committee to raise $2.5 billion in additional revenues over 10 years.
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