[Federal Register Volume 66, Number 172 (Wednesday, September 5, 2001)]
[Proposed Rules]
[Pages 46407-46408]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-22190]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis

15 CFR Part 801

[Docket No. 010607148-1148-01]
RIN 0691-AA42


International Services Surveys: BE-48, Annual Survey of 
Reinsurance and Other Insurance Transactions by U.S. Insurance 
Companies With Foreign Persons

AGENCY: Bureau of Economic Analysis, Commerce.

ACTION: Notice of proposed rulemaking.

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SUMMARY: This notice sets forth proposed rules to amend the reporting 
requirements for the BE-48, Annual Survey of Reinsurance and Other 
Insurance Transactions by U.S. Insurance Companies with Foreign 
Persons.
    The BE-48 survey is conducted by the Bureau of Economic Analysis 
(BEA), U.S. Department of Commerce, under the International Investment 
and Trade in Services Survey Act. The data are needed to support U.S. 
trade policy initiatives; compile the U.S. international transactions, 
national income and product, and input-output accounts; assess U.S. 
competitiveness in international trade in services; and improve the 
ability of U.S. businesses to identify and evaluate market 
opportunities.
    BEA proposes to raise the exemption level for the BE-48 survey to 
$2 million in either reinsurance premiums, received or paid; 
reinsurance losses, paid or recovered; primary insurance premiums 
received; or primary insurance losses paid, from $1 million on the 
previous (2000) survey. Raising the exemption level will reduce 
respondent burden, particularly for small companies.

DATES: Comments on these proposed rules will receive consideration if 
submitted in writing on or before November 5, 2001.

ADDRESSES: Mail comments to the Office of the Chief, International 
Investment Division (BE-50), Bureau of Economic Analysis, U.S. 
Department of Commerce, Washington DC 20230, or hand delivered to room 
M-100, 1441 L Street, NW., Washington, DC 20005. Comments will be 
available for public inspection in room 7005, 1441 L Street, NW., 
between 8:30 a.m. and 4:30 p.m., Monday through Friday.

FOR FURTHER INFORMATION CONTACT: R. David Belli, Chief, International 
Investment Division (BE-50), Bureau of Economic Analysis, U.S. 
Department of Commerce, Washington, DC 20230; phone (202) 606-9800.

SUPPLEMENTARY INFORMATION: These proposed rules amend 15 CFR part 801 
by revising Sec. 801.9(b)(4)(ii) to set forth revised reporting 
requirements for the BE-48, Annual Survey of Reinsurance and Other 
Insurance Transactions by U.S. Insurance Companies with Foreign 
Persons. The survey is conducted by the Bureau of Economic Analysis 
(BEA), U.S. Department of Commerce, under the International Investment 
and Trade in Services Survey Act (Pub.L. 94-472, 90 Stat. 2059, 22 
U.S.C. 3101-3108, as amended). Section 3103(a) of the Act provides that 
``The President shall, to the extent he deems necessary and feasible-- 
* * * (1) conduct a regular data collection program to secure current 
information * * *related to international investment and trade in 
services * * *'' In Section 3 of Executive Order 11961, as amended by 
Executive Order 12518, the President delegated the authority under the 
Act as concerns international trade in services to the Secretary of 
Commerce, who has redelegated it to BEA.
    The BE-48 is an annual survey of U.S. reinsurance and other 
insurance transactions with unaffiliated foreign persons. The data are 
needed to support U.S. trade policy initiatives; compile the U.S. 
international transactions, national income and product, and input-
output accounts; assess U.S. competitiveness in international trade in 
services; and improve the ability of U.S. businesses to identify and 
evaluate market opportunities.
    Under the proposed rule, reporting in the BE-48 annual survey would 
be required from all U.S. persons whose reinsurance premiums, received 
or paid; reinsurance losses, paid or recovered; primary insurance 
premiums received; or primary insurance losses paid exceeded $2 million 
during the reporting year. The proposed exemption level is an increase 
from the current level of $1 million. The increase is intended to 
reduce respondent burden, particularly for small companies. The data 
collected on the BE-48 are disaggregated by country and by type of 
insurance transaction.

Executive Order 12866

    These proposed rules are not significant for purposes of E.O. 
12866.

Executive Order 13132

    These proposed rules do not contain policies with Federalism 
implications sufficient to warrant preparation of a Federalism 
assessment under E.O. 13132.

Paperwork Reduction Act

    These proposed rules contain a collection of information 
requirement subject to the Paperwork Reduction Act. A request for 
review of the forms has been submitted to the Office of Management and 
Budget under section 3507 of the Paperwork Reduction Act.
    Notwithstanding any other provision of law, no person is required 
to respond to, nor shall a person be subject to a penalty for failure 
to comply with, a collection of information subject to the requirements 
of the Paperwork Reduction Act unless that collection displays a 
currently valid OMB Control Number.
    Public reporting burden for this collection of information is 
estimated to vary from less than one hour to 20 hours, with an overall 
average burden of 4 hours. This includes time for reviewing the 
instructions, searching existing data sources, gathering and 
maintaining the data needed, and completing and reviewing the 
collection of information.
    Comments are requested concerning: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the agency, including whether the information will have practical 
utility; (b) the accuracy of the burden estimate; (c) ways to enhance 
the quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collection of information on the 
respondents, including the use of automated collection techniques or 
other forms of information technology. Comments should be addressed to: 
Director, Bureau of Economic Analysis (BE-1), U.S.

[[Page 46408]]

Department of Commerce, Washington, DC 20230; and to the Office of 
Management and Budget, O.I.R.A., Paperwork Reduction Project 0608-0016, 
Washington, DC 20503 (Attention PRA Desk Officer for BEA).

Regulatory Flexibility Act

    The Chief Counsel for Regulation, Department of Commerce, has 
certified to the Chief Counsel for Advocacy, Small Business 
Administration, under the provisions of the Regulatory Flexibility Act 
(5 U.S.C. 605(b)), that this proposed rulemaking, if adopted, will not 
have a significant economic impact on a substantial number of small 
entities. While the survey does not collect data on total sales or 
other measures of the overall size of businesses that respond to the 
survey, historically the respondent universe has been comprised mainly 
of major U.S. corporations. With the proposed increase in the exemption 
level for the survey from $1 million to $2 million in covered receipts 
or payments, even fewer small businesses can be expected to be subject 
to reporting than in the past. Of those smaller businesses that must 
report, most will tend to have specialized operations and activities 
and thus will be likely to report only one type of insurance 
transaction, often limited to transactions with a single partner 
country; therefore, the burden on them can be expected to be small.

List of Subjects in 15 CFR Part 801

    Balance of payments, Economic statistics, Foreign trade, Penalties, 
Reporting and recordkeeping requirements.

    Dated: June 4, 2001.
J. Steven Landefeld,
Director, Bureau of Economic Analysis.
    For the reasons set forth in the preamble, BEA proposes to amend 15 
CFR Part 801, as follows:

PART 801--SURVEY OF INTERNATIONAL TRADE IN SERVICES BETWEEN U.S. 
AND FOREIGN PERSONS

    1. The authority citation for 15 CFR part 801 continues to read as 
follows:


    Authority: 5 U.S.C. 301, 15 U.S.C. 4908, 22 U.S.C. 3101-3108, 
and E.O. 11961 (3 CFR, 1977 Comp., p. 860 as amended by E.O. 12013 
(3 CFR, 1977 Comp., p. 147), E.O. 12318 (3 CFR, 1981 Comp., p. 173), 
and E.O. 12518 (3 CFR, 1985 Comp., p. 348).

    2. Section 801.9 is amended by revising paragraph (b)(4)(ii) to 
read as follows:


Sec. 801.9  Reports required.

* * * * *
    (b) * * *
    (4) * * *
    (ii) Exemption. A U.S. person otherwise required to report is 
exempt if , with respect to transactions with foreign persons, each of 
the following six items were $2 million or less in the reporting 
period: Reinsurance premiums received, reinsurance premiums paid, 
reinsurance losses paid, reinsurance losses recovered, primary 
insurance premiums received, and primary insurance losses paid. If any 
one of these items is greater than $2 million in the reporting period, 
a report must be filed.
* * * * *
[FR Doc. 01-22190 Filed 9-4-01; 8:45 am]
BILLING CODE 3510-06-P