NU Online News Service, July 26, 3:40 p.m. EDT
Disallowing the tax deduction for reinsurance between affiliated entities would have a "detrimental effect on U.S. consumer" and lead to higher insurance premiums, the head of a trade group representing European insurers said.
In a letter to House members, Tommy Persson, president of the CEA, a European insurance and reinsurance federation, made the comments in response to proposals in Washington designed to restrict the ceding of premiums offshore affiliates.
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