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FL H0617
M
Status
Introduced
2/4/2011
Primary Sponsor
Bryan Nelson
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AI Summary
- Urges Congress to oppose new discriminatory taxes that would limit the use of reinsurance from companies located outside the United States
- Affirms that affiliated reinsurance serves important risk-transfer purposes and provides additional insurance capacity in crop, windstorm, liability, and aircraft insurance markets
- References a Brattle Group study concluding that policies reducing offshore affiliated reinsurance use would result in a 20 percent reduction in reinsurance supply and significant increases in primary insurance prices for consumers and businesses
- Notes that non-U.S.-based insurance groups currently pay taxes on reinsurance transactions equivalent to those paid by U.S.-based groups
- Directs copies of the memorial to be sent to the President, Congressional leadership, and all members of the Florida delegation to Congress
Legislative Description
Discriminatory Taxes/Reinsurance
Last Action
Substituted SM 484
4/26/2011
Committee Referrals
Federal Affairs Subcommittee2/16/2011
Full Bill Text
No bill text available