The U.S. Congress returned to Washington D.C. the week of September 7 after their month-long district work period. While the media remains focused on early polling and the debates playing out in the 2016 Presidential campaign, the stage is set on Capitol Hill for the autumn session.
Specific to Zurich’s interest, in years past certain lawmakers have sought changes in the tax code that would affect Zurich’s ability to use affiliated reinsurance within its global group. That agenda continues to be pushed since it could be a lucrative source of new government revenue to help offset costs for a number of legislative priorities. Zurich’s North America Government & Industry Affairs team has partnered with its North America Corporate Tax team to educate and lobby the relevant committees and key stakeholders to guard against potential inclusion of such tax changes in any legislative proposals. The use of affiliated reinsurance brings America stable and reliable insurance capacity and competition that lowers prices and expands options for insurance buyers. We continue to be vigilant, but the threat remains. Learn more here.
Other topics on Congress’ radar include addressing the reauthorization of the Export-Import Bank of the United States, passing a cybersecurity information sharing bill, tax extenders, consideration of the Trans-Pacific Partnership (TPP) agreement and perhaps energy production legislation. The debate over global capital standards for insurers remains a hot-button issue for the insurance industry and one on which Zurich continues to make its arguments. Look for more discussion on this topic before the year ends.