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Member, Beacon International Group, Ltd.
WASHINGTON—About 50 risk managers will visit congressional offices Tuesday as part of the Risk & Insurance Management Society Inc.’s RIMS on the Hill legislative conference.
Attendees, who received an issue briefing Monday, will stress RIMS’ positions on three matters that could be considered by Congress. These include:
• Support of H.R. 1063, the Strengthening Medicare and Repaying Taxpayers Act, which would streamline the Medicare secondary payer system and encourage settlements between parties.
• Support of the recently introduced H.R. 2126, the Risk Retention Modernization Act of 2011, which would allow risk retention groups to offer members commercial property as well as liability coverage. It also would improve corporate governance of risk retention groups as well as establish a federal dispute resolution to deal with problems between RRGs and nondomiciliary states that seek to regulate them despite being banned from doing so by federal law.
• Opposition to efforts, such as that backed by the Obama administration, to change the tax treatment of certain reinsurance premiums ceded by domestic insurers to foreign affiliates. No legislation to change the tax treatment has yet been introduced in this Congress.
This year’s Washington conference is the 13th annual RIMS on the Hill event.
WASHINGTON—Proponents of a controversial tax proposal targeting offshore reinsurance transactions pressed members of Congress on Wednesday to support the measure, arguing the current system creates an unlevel playing field, while opponents said the bill would raise insurance costs.