FEDERAL LEGISLATIVE UPDATE
• On July 21, 2009, Florida Senators Bill Nelson and Mel Martinez introduced S. 1486, a bill to amend the Internal Revenue Code of 1986 to provide for the creation of disaster protection funds by property and casualty insurance companies for the payment of policyholders’ claims arising from future catastrophic events. The bill was referred to the Senate Committee on Finance.
• That same day, Florida Senators Bill Nelson and Mel Martinez introduced S. 1487, a bill that establishes a bipartisan commission on catastrophic disaster risk and insurance. The bill was referred to the House Committee on Banking, Housing, and Urban Affairs.
• On July 30, 2009, Representative Richard E. Neal of Massachusetts introduced H.R. 3424, a bill to amend the Internal Revenue Code of 1986 to disallow the deduction for excess non-taxed reinsurance premiums with respect to the United States risks paid to affiliates. The bill was referred to the House Committee on Ways and Means.
This post written by Karen Benson.
