Washington — Opponents of recently introduced U.S. House tax legislation say the bill, if enacted, will reduce critical U.S. insurance capacity and drive up prices for U.S. consumers.
The Coalition for Competitive Insurance Rates contends the bill, HR 6969 introduced by U.S. Rep. Richard Neal (D.-Mass.), will affect all foreign insurers that have U.S. subsidiaries, and that also provide insurance and reinsurance coverage to the United States. The coalition includes the Risk and Insurance Management Society, the Florida Consumer Action Network, the National Risk Retention Association, the Organization for International Investment, the European Insurance and Reinsurance Federation and the Association of Bermuda Insurers and Reinsurers.
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