WASHINGTON, Dec. 16, 2017 /PRNewswire/ -- Today the
Coalition for Competitive Insurance Rates (CCIR), the leading voice
for continued and increased competition within the insurance
industry, expressed disappointment in the House-Senate Conference
Agreement for H.R. 1, the "Tax Cuts and Jobs Act" that includes a
harmful Base Erosion and Anti-Abuse Tax ("BEAT") that will unfairly
slap US consumers and small businesses with higher insurance
premiums – undoing potential tax relief they had hoped
to get from this bill.
In response to the inclusion of this provision in H.R. 1, CCIR
issued the following statement:
"The global insurance and reinsurance industry
is concerned that Congress would include a provision in
the Tax Cuts and Jobs Act that will serve only to "Americanize"
risk by decreasing capacity benefits to insurance markets globally,
thus increasing US prices. This is truly a blow to consumers and
business, particularly those in Florida, Texas, California, South
Carolina, Louisiana and
other disaster-prone states who rely on this capacity in times of
catastrophe. The only winner under the double-taxation what will
result from BEAT is a group of highly successful domestic insurance
companies who stand to benefit greatly from the market distortion
this provision will trigger. CCIR welcomes continued dialogue on
this issue."
The Coalition for Competitive Insurance Rates is made up of
business organizations, consumer advocacy groups, insurers and
their associations. For more information on CCIR, please visit:
www.keepinsurancecompetitive.com.
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SOURCE the Coalition for Competitive Insurance Rates