The fault lines between domestic and offshore insurers againopened due to bills in the House and Senate of legislation thatwould reduce the tax benefits foreign insurers receive by cedingU.S. property and casualty premiums to their foreignaffiliates.
The bills are S. 991, introduced in the Senate by Sen. RobertMenendez, D-N.J., a member of the Senate Finance Committee, andH.R. 2054, introduced in the House by Rep. Richard Neal, D-Mass.,ranking member of the House Ways and Means Select RevenueSubcommittee.
They are somewhat different, however, from the proposal that hasbeen included in the Obama-administration budget for the lastseveral years.
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