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Proposal by Obama Administration Seeks to Limit U.S. Federal Income Tax Deductions for Reinsurance Premiums Paid by U.S. Cedents to Affiliated Non-U.S. Reinsurers

What is Being Proposed In an effort to reduce perceived U.S. tax advantages for certain multinational insurance and reinsurance groups with U.S. operations, the Obama administration in its 2016 Fiscal Year Budget Revenue Proposals seeks new legislation that would deny a U.S. cedent a federal income tax deduction for premiums paid to an affiliated non-U.S.