Obama Budget Proposes Big Change For Foreign Reinsurance

Law360, New York (April 10, 2013, 7:23 PM EDT) -- Buried deep in the 2014 budget President Barack Obama proposed Wednesday is a provision that would block insurers from taking deductions for untaxed reinsurance premiums paid to foreign affiliates — a policy that a top insurance executive told Law360 would nix a long-standing and unfair advantage for foreign-owned insurers.

Obama's budget for fiscal year 2014 calls for an end to what some have called a tax loophole that benefits foreign-owned insurers that reinsure their U.S. risk with affiliates outside the country.

W. R. Berkley Corp. and...
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