Washington — Senate Finance Committee Chairman Max Baucus  (D–Mont.) is unveiling his plan to adjust the way foreign-based reinsurers operating in U.S. are taxed.

In a letter released today, Baucus detailed his proposed changes to the current code, which critics contend enables foreign-based insurance groups to lighten their tax obligations by reinsuring risks to affiliates located in tax havens, such as Bermuda.

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