[Federal Register Volume 63, Number 194 (Wednesday, October 7, 1998)]
[Notices]
[Pages 53869-53870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-26847]


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DEPARTMENT OF COMMERCE


Submission for OMB Review; Comment Request

    DOC has submitted to the Office of Management and Budget (OMB) for 
clearance the following proposal for collection of information under 
the provisions of the Paperwork Reduction Act (44 U.S.C. Chapter 35).
    Agency: Bureau of Economic Analysis.
    Title: Annual Survey of Reinsurance and Other Insurance 
Transactions by U.S. Insurance Companies With Foreign Persons.
    Form Number(s): BE-48.
    Agency Approval Number: 0608-0016.
    Type of Request: Extension of a currently approved collection 
without any change in the substance or in the method of collection.

[[Page 53870]]

    Burden: 1,600 hours.
    Number of Respondents: 400.
    Avg Hours Per Response: 4 hours.
    Needs and Uses: The Government requires data from the BE-48, Annual 
Survey of Reinsurance and Other Insurance Transactions by U.S. 
Insurance Companies With Foreign Persons, to obtain accurate and up-to-
date information on insurance transactions between U.S. insurance 
companies or groups and foreign persons. It will use the data collected 
in monitoring U.S. exports and imports of insurance services, analyzing 
their impact on the U.S. and foreign economies, compiling the balance 
of payments, national income and product, and input-output accounts of 
the United States, supporting U.S. international trade policy on 
insurance services, assessing U.S. competitiveness in international 
trade in services, and improving the ability of U.S. businesses to 
identify and evaluate market opportunities. For example, the Uruguay 
round of multilateral trade negotiations produced an agreement, the 
General Agreement on Trade in Services (GATS), that will liberalize 
market access rules and promote more equal treatment of U.S. insurance 
firms. More recently, additional negotiations were completed pertaining 
specifically to financial services (including insurance services), 
resulting in the World Trade Organization Financial Services Agreement. 
The BE-48 data will help measure gains, by individual foreign country, 
obtained in insurance services under the GATS. Similar needs arise with 
respect to the North American Free Trade Agreement among the United 
States, Canada, and Mexico. Finally, the Government needs the data to 
help gauge the effects of foreign economic developments, such as the 
recent Asian financial crisis, on U.S. business interests abroad.
    Affected Public: U.S. insurance companies or groups engaging in 
reinsurance or other insurance transactions with foreign persons.
    Frequency: Annual.
    Respondent's Obligation: Mandatory.
    Legal Authority: Title 22 U.S.C., Sections 3101-3108, as amended.
    OMB Desk Officer: Paul Bugg, (202) 395-3093.
    You may obtain copies of the above information collection proposal 
by calling or writing Linda Engelmeier, DOC Forms Clearance Officer, 
(202) 482-3272, Department of Commerce, Room 5327, 14th Street and 
Constitution Avenue, NW, Washington, DC 20230.
    Send comments on the proposed information collection within 30 days 
of publication of this notice to Paul Bugg, OMB Desk Officer, Room 
10201, New Executive Office Building, Washington, DC 20503.

    Dated: October 1, 1998.
Madeleine Clayton,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 98-26847 Filed 10-6-98; 8:45 am]
BILLING CODE 3510-06-P