The headquarters of the Internal Revenue Service (IRS) in Washington. (AP Photo/J. David Ake)

(Bloomberg) — Hedge fund managers including billionaire John Paulson won’t immediately face new limits on their use of insurance in offshore tax havens, after the IRS proposed rules and chose not to make them effective now.

The Internal Revenue Service rules, released on Thursday, will take effect only after the agency takes comments and considers how several important terms will be defined.

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