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RIMS Letter to House Ways & Means Committee Denounces Reinsurance Tax Penalty 4/15/2013

 

NEW YORK (April 15, 2013) – RIMS, the risk management society ™, delivered an official letter to the House Ways and Means Committee’s International Tax Reform Working Group to voice the Society’s disagreement with the Administration’s Proposed 2014 Budget that includes an effort to eliminate the tax deduction for reinsurance premiums ceded by domestic insurers to their foreign affiliates.

The letter, submitted by RIMS President John Phelps, includes:

·      background information on the proposed budget item;

·      an exploration of the impact the item would have on consumers from the decreased availability and increased prices of insurance; and

·      information highlighting the item’s propensity to violate the United States’ commitment to international businesses.

In the letter, Mr. Phelps states, “The Administration’s Proposed 2014 Budget’s effort to eliminate the tax deduction for reinsurance premiums ceded by domestic insurers to foreign affiliates would have a chilling effect on the use of foreign reinsurance. As a result, the availability of coverage would be reduced and costs for consumers would increase significantly, particularly in urban areas subject to terrorism risk and areas prone to natural disasters.”

To read the full letter, click here.

For more information about RIMS External Affairs initiatives or about the RIMS International Committee, visit www.RIMS.org.


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About RIMS

As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society™, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 11,000 risk practitioners who are located in more than 60 countries. For more information about the Society’s world-leading risk management content, networking, professional development and certification opportunities, visit www.RIMS.org.

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For more information, contact:

Josh Salter, RIMS communications manager, (212) 655-6059 or jsalter@RIMS.org

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