RAA lobbies for corporate tax cut in US

The Reinsurance Association of America (RAA) is lobbying for a lower corporate tax rate in the US while ensuring that any changes to proration of tax exempt interest or discounting of loss reserves appropriately reflect the business of insurance, according to a June 26 press release.

At the same time, the RAA will continue to advocate the importance of preserving Subchapter L/statutory accounting as the basis for insurance company taxation.

The RAA and other insurance industry trades met with White House and Treasury staff on tax reform on June 26.

The re/insurance industry is largely supportive of the Administration and Congress’s goals for tax reform that will ensure the growth and competitiveness of the American economy, according to the statement.

“It is imperative that policymakers understand the property/casualty (re)insurance industry, how it differs from other financial services sectors, and the unique tax provisions applicable to our business,” said Frank Nutter, president of the RAA. “Every effort should be made to avoid disruptions to a market that functions well, is competitive and well regulated.”

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