Heartland Institute Texas Director Hails House Passage of Reinsurance Resolution

Published May 13, 2011

AUSTIN – The director of The Heartland Institute’s Texas office today praised the Texas House of Representatives’ passage of a memorial opposing new taxes on offshore affiliated reinsurance transactions.

The proposed taxes – tariffs, for all intents and purposes – would cause insurance prices to rise significantly for many types of insurance that Texans buy. The memorial, which follows the wording of an American Legislative Exchange Council resolution written by The Heartland Institute, will now be transmitted to the U.S. Congress as an official statement of the Texas House of Representatives.

The following statement by Julie Drenner, the director of The Heartland Institute’s Texas office, may be used for attribution. For more comments, see the contact information below.

“The Texas House of Representatives sent a message to Washington today – that it opposes federal legislation which would particularly harm Texas consumers. By prohibiting the opaque tax increase on offshore reinsurance, Congress would encourage price stabilization for coastal homeowners when they go to buy insurance for their property.

“This resolution by the Texas House demonstrates the importance of keeping taxes low in order to allow more money to stay in the pocketbooks of citizens, where it can best be used to grow our economy.”

Julie Drenner can be reached at 512/799-5706 or [email protected].

The Heartland Institute is a 27-year-old national nonprofit organization with offices in Chicago, Austin, Florida, 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.