Florida consumer advocates: Taxing foreign property insurers will raise rates
Florida Insurance Consumer Advocate Sean Shaw spoke out against a federal proposal to tax foreign insurers and reinsurers.
The bill, HR 3424, by Rep. Richard Neal of Massachusetts, would require insurance companies that buy a significant amount of reinsurance, or insurance for insurers, from companies abroad to pay taxes on the profit from the reinsurance and any investment income that results from it.