Puerto Rico & US Territories Insurance Excise Tax Exemption
This new law exempts insurance policies issued by companies in Puerto Rico and other U.S. territories from a federal excise tax typically applied to foreign insurers. This could lead to lower insurance costs for residents and businesses in these areas, as insurers will no longer incur this tax. The changes apply to premiums paid after the law's enactment.
Key points
Insurance companies from Puerto Rico and other U.S. territories will be exempt from a specific excise tax.
This may reduce insurance costs for individuals and businesses in these territories.
The exemption applies unless the policy is reinsured by a foreign insurer outside of U.S. territories.
Expired
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