Florida Gov. Rick Scott has voiced his opposition to legislation that would deny tax deductions for reinsurance premiums paid to foreign-based affiliates of domestic insurers.
He says that the legislation, which is included in President Obama's current budget recommendations, may "have a disastrous impact on Florida's families and businesses" by increasing insurance costs and shrinking insurance capacity.
In a letter to Congressman Vern Buchanan (R-FL), Scott wrote that bills H.R. 2054 and S. 991 would cause consumer insurance bills to rise by more than $817 million, for commercial multi-peril insurance to increase by 12.6 percent, or $264 million annually, and the price of homeowner's multi=peril insurance to increase by 4.2 percent or $266 million a year.
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