Coalition for Competitive Insurance Rates oppose new laws for foreign reinsurance companies

Two laws currently before Congress have found opposition from the Coalition for Competitive Insurance Rates, a group of businesses and consumers that rely on low rates stemming from competition in the national insurance market. The legislations in question are H.R. 3157 and S.B. 1693. Both laws impose greater taxes on foreign insurance and reinsurance companies that wish to do business within U.S. borders. The Coalition fears that this will dissuade foreign companies from entering the market, thereby reducing competition and raising insurance prices. Currently, the majority of the reinsurance needed…

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