Topic: Tax Related Developments

U.S. Insurers Urge Congress to Modify Provisions of Current Tax Law Related to Foreign Insurers

On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda. 

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House Passes Nonadmitted and Reinsurance Reform Act

On June 25 and for the second time in nine months, the House  unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007.  The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. 

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