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PROPERTY AND CASUALTY REPS SAY SALVAGE REGULATIONS OVERREACH.

AUG. 31, 1988

PROPERTY AND CASUALTY REPS SAY SALVAGE REGULATIONS OVERREACH.

DATED AUG. 31, 1988
DOCUMENT ATTRIBUTES
  • Authors
    Worthy, K. Martin
  • Institutional Authors
    Alliance of American Insurers
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    insurance
    property and casualty
    salvage
    reinsurance
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 88-7512
  • Tax Analysts Electronic Citation
    88 TNT 184-29

 

=============== SUMMARY ===============

 

K. Martin Worthy has submitted a copy of his testimony presented on behalf of the Alliance of American Insurers at the Service's August 31 hearing on temporary and proposed regulations under section 832. Worthy reviews the history of section 832 and concludes that the regulations lack a statutory foundation.

Frederic W. Hickman of Hopkins, Sutter, Hamel & Park, on behalf of the National Association of Independent Insurers, who also testified at the hearing, argues in his testimony that the regulations force insurers to adjust their paid losses to account for a "hope or expectancy" of income. (For coverage of the hearing, see Tax Notes, September 5, 1988, page 985.)

DOCUMENT ATTRIBUTES
  • Authors
    Worthy, K. Martin
  • Institutional Authors
    Alliance of American Insurers
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    insurance
    property and casualty
    salvage
    reinsurance
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 88-7512
  • Tax Analysts Electronic Citation
    88 TNT 184-29
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