The National Association of Insurance Commissioners has voted to talk to the U.S. Treasury Department about tax issues affecting insurers.[@@]
A tax talk motion passed here at the Kansas City, Mo., group’s winter meeting during a joint session of the NAIC’s executive committee and the NAIC’s plenary.
Discussions with the Treasury Department should start in early 2005, according to Georgia Insurance Commissioner John Oxendine, head of the NAIC’s Tax Policy Task Force.
Topics to be discussed will include tax treatment of general reserves, health insurance reserves and property-casualty catastrophe reserves, Oxendine said.
Getting on the same page as Treasury is important, even though “there is a lot of concern that any time you go to Capitol Hill you can open up a can of worms,” Oxendine said.