Anti-Consumer Insurance Tax Bill Introduced

Broad Coalition of Companies and Consumers Stand Opposed to Legislation

(Full Press Release)

Washington, DC (July 30, 2009) – Stating that Rep. Richard Neal’s (D-MA) bill to raise taxes on foreign based insurance companies operating within the United States was anti-consumer and anti-competitive, the Coalition for Competitive Insurance Rates (CCIR) today voiced its strong opposition to the bill. CCIR, a broad-based alliance dedicated to assuring competitive insurance costs and insurance availability for American consumers, contends that the bill would drive up consumer insurance rates by reducing competition and critical US insurance capacity. When Neal introduced similar legislation in the 110th Congress, consumer organizations and businesses that rely on affordable insurance coverage joined in opposing passage.



“The international insurance market is an essential component of our ability to provide protection to homeowners and businesses,” said Bill Newton, executive director of the Florida Consumer Action Network. “We believe this tax increase proposal would in all likelihood have adverse consequences for consumers. Given today’s financial and economic conditions now is certainly not the time to make access to insurance more costly.”