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| RIMS Underscores Opposition To Neal Tax Bill |
by Mike Godfrey, Tax-News.com, Washington
Tuesday, July 20, 2010
The Risk and Insurance Management Society (RIMS) has underscored its continuing opposition
to any effort to move forward legislation in the United States that would increase
taxes on foreign-based insurance companies and, therefore, the cost of insurance
to its members.
The Society said that bill H.R. 3424, which was introduced by Congressman Richard
Neal, will negatively impact its members nationwide, but particularly those
in regions threatened by natural disasters and terrorism events, as they depend
largely on foreign-based reinsurers to protect them. The bill was subject to
a hearing on July 14 in the House of Representatives Select Revenue Measures
Subcommittee, chaired by Neal.
Commenting, Scott Clark, RIMS secretary and director of RIMS External Affairs
Committee, said: “The global insurance market insures Americans against
the economic costs of these natural disasters and terrorism events.”
“RIMS membership ranges from small businesses to Fortune 100 companies
to universities, hospitals and public sector entities, and they will all feel
the repercussions of this legislation. With a national economic recession and
an international financial crisis, we don’t need to raise taxes on international
insurers, as Neal has proposed.”
A 2009 study by the Brattle Group, the results of which were reaffirmed by
its more recent 2010 report, finds that consumer costs would go up anywhere
from USD10bn to USD13bn per year to purchase the same amount of insurance. The
study also indicates that reinsurance capacity in the US would be reduced by
20% with the passage of the legislation, and that businesses across the country
would have greater difficulty obtaining insurance.
A comprehensive report in our Intelligence Report series
which studies the 20 main offshore jurisdictions which offer captive insurance
regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
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