TALLAHASSEE—Researchers at The Heartland Institute today praised final approval of a memorial disapproving Congressional proposals to impose new tariffs on offshore affiliated reinsurance transactions. The memorial passed the House by voice vote unanimously the evening of April 26.
The memorial, based on a Heartland-authored model bill approved by the American Legislative Exchange Council, puts the lower house of Florida’s legislature on record as strongly opposing new taxes on offshore reinsurance transactions. The memorial passed the Florida Senate on March 23 and will now be sent to all members of Florida’s Congressional delegation as an official position of Florida’s legislature. It does not require the governor’s signature.
The measure was sponsored by Sen. Alan Hays (R-Umatilla) and Rep. Jeff Brandes (R-St. Petersburg).
“There is no doubt that if any taxes are levied against any type of reinsurance coverage, citizens in disaster-prone states such as Florida would be hardest hit,” said Christian Cámara, Florida director of The Heartland Institute’s Center on Finance, Insurance, and Real Estate. “The Florida Legislature did the right thing today in officially joining a diverse and bipartisan coalition that includes other states, insurance commissioners, consumer advocates, environmental groups, and elected officials in asking Congress not to levy this burdensome tax that would disproportionately hit Floridians in the pocketbook.”
Cámara can be reached for further comment at 305-608-4300 or [email protected].
The Heartland Institute is a 27-year-old national nonprofit organization with offices in Chicago and Washington, DC. Its mission is to discover, develop, and promote free-market solutions to social and economic problems. For more information, visit our Web site at http://www.heartland.org or call 312/377-4000.