Coalition for Competitive Insurance Rates coalition letter on Obama’s FY 2012 Budget
Proposal would create a discriminatory reinsurance tax that will hurt American consumers
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We are writing to express our concern about a proposal within the Obama Administration’s FY 2012 Budget which would create a discriminatory reinsurance tax that will harm US consumers. This is similar to legislation introduced in the 111th Congress by Rep. Richard Neal (D-MA)- legislation which was widely opposed by consumer advocates, insurance industry experts, and trade analysts. Unfortunately, this proposal is being advocated as a possible tax revenue offset by a small group of very large U.S. insurance companies. With the enactment of this tax, these companies intend to create a U.S. market share advantage for themselves at the expense of individual and commercial insurance consumers. We oppose these proposals.