[Federal Register Volume 83, Number 129 (Thursday, July 5, 2018)]
[Notices]
[Pages 31366-31367]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14416]



[[Page 31366]]

-----------------------------------------------------------------------

DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Proposed Information Collection; Comment Request; Services 
Surveys: BE-45, Quarterly Survey of Insurance Transactions by U.S. 
Insurance Companies With Foreign Persons

AGENCY: Bureau of Economic Analysis, Department of Commerce.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Department of Commerce, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to comment on proposed and/or continuing 
information collections, as required by the Paperwork Reduction Act of 
1995.

DATES: Written comments must be submitted on or before September 4, 
2018.

ADDRESSES: Direct all written comments to Jennifer Jessup, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6616, 14th 
and Constitution Avenue NW., Washington, DC 20230, or via email at 
[email protected].

FOR FURTHER INFORMATION CONTACT: Request for additional information or 
copies of the information collection instrument and instructions should 
be directed to Christopher Stein, Chief, Services Surveys Branch BE-50 
(SSB), Bureau of Economic Analysis, U.S. Department of Commerce, 
Washington, DC 20233; phone: (301) 278-9189; fax: (301) 278-9507; or 
via email at [email protected].

SUPPLEMENTARY INFORMATION: 

I. Abstract

    The Quarterly Survey of Insurance Transactions by U.S. Insurance 
Companies with Foreign Persons (BE-45) is one of BEA's primary data 
sources for its estimates of insurance services exports and imports. A 
U.S. insurance company must report if it had transactions with foreign 
persons, in any of the data items covered by the survey, that exceeded 
$8 million (positive or negative) in the prior calendar year or are 
expected to exceed that amount during the current calendar year.
    The data are needed to monitor U.S. trade in insurance services, to 
analyze the impact of these cross-border services on the U.S. and 
foreign economies, to compile and improve the U.S. economic accounts, 
to support U.S. commercial policy on trade in services, to conduct 
trade promotion, and to improve the ability of U.S. businesses to 
identify and evaluate market opportunities. The data are used in 
estimating the insurance component of the U.S. international 
transactions accounts (ITAs) and national income and product accounts 
(NIPAs).
    The Bureau of Economic Analysis (BEA) is proposing one change to 
the BE-45 survey to improve the accuracy of its quarterly statistics on 
insurance services exports and imports. The proposed change is intended 
to address the needs of data users without placing undue burden on 
survey respondents.
    Currently, respondents are required to report annual data on 
primary insurance premiums and losses, reinsurance losses, and 
auxiliary insurance services receipts and payments on Schedule B of the 
BE-45 survey on a mandatory basis in the fourth quarter of the year. 
Reporters have the option of voluntarily providing data on reinsurance 
losses on a quarterly basis throughout the year. However, the irregular 
approach to collecting the other information on Schedule B on an annual 
basis results in frequent reporting errors and data omissions, which 
requires additional BEA resources to correct.
    Beginning with reporting for first quarter 2019, BEA is proposing 
to make it mandatory for respondents to report their primary insurance 
premiums and losses, reinsurance losses, and auxiliary insurance 
services receipts and payment on Schedule B every quarter. Many 
reporters already provide loss information quarterly, on a voluntary 
basis, since it is readily available in their accounting systems.
    For those already providing loss information voluntarily--roughly 
25 percent of reporters--we believe there will be minimal impact on 
their reporting burden for the additional items collected on Schedule 
B. For those not already providing loss information voluntarily each 
quarter, we estimate that the quarterly reporting burden for this 
additional detail, and the information collected for primary and 
auxiliary insurance, will result in a 1-hour increase in burden per 
response, from 8 to 9 hours. The total respondent burden estimates have 
been increased to reflect this.
    The reporting thresholds of the current BE-45 survey will be 
retained. The effort to keep current reporting thresholds unchanged is 
intended to minimize respondent burden while considering the needs of 
data users. Existing language in the instructions and definitions will 
be reviewed and adjusted as necessary to clarify survey requirements.

II. Method of Collection

    BEA contacts potential respondents by mail at the end of each 
calendar quarter. Respondents must file the completed BE-45 forms 
within 60 days after the end of each calendar quarter, or within 90 
days after the close of the calendar year. Reports are required from 
each U.S. insurance company whose covered transactions with foreign 
persons for any of the data items on the survey exceeded $8 million 
(positive or negative) in the prior calendar year, or are expected to 
exceed that amount during the current calendar year. Entities required 
to report will be contacted individually by BEA. Entities not contacted 
by BEA have no reporting responsibilities.
    BEA offers its electronic filing option, the eFile system, for use 
in reporting on Form BE-45. For more information about eFile, go to 
www.bea.gov/efile. In addition, BEA posts all its survey forms and 
reporting instructions on its website, www.bea.gov/ssb. These may be 
downloaded, completed, printed, and submitted via fax or mail.

III. Data

    OMB Control Number: 0608-0066.
    Form Number: BE-45.
    Type of Review: Regular submission.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 2,200 annually (550 filed each 
quarter; 515 reporting mandatory or voluntary data, and 35 that would 
not report data).
    Estimated Time per Response: 9 hours is the average for those 
reporting data. One hour is the average for those filing an exemption 
claim, Hours may vary considerably among respondents because of 
differences in company size and complexity.
    Estimated Total Annual Burden Hours: 18,680.
    Estimated Total Annual Cost to Public: $0.
    Respondent's Obligation: Mandatory.
    Legal Authority: International Investment and Trade in Services 
Survey Act (Pub. L. 94-472, 22 U.S.C. 3101-3108, as amended).

IV. Request for Comments

    Comments are invited on: (a) Whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the Agency, including whether the information will have practical 
utility; (b) the accuracy of the Agency's estimate of the burden 
(including hours and cost) of the proposed collection of information; 
(c) ways to enhance the quality, utility, and clarity of the 
information to be

[[Page 31367]]

collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of this information 
collection; they also will become a matter of public record.

Sheleen Dumas,
Departmental Lead PRA Officer, Office of Chief Information Officer.
[FR Doc. 2018-14416 Filed 7-3-18; 8:45 am]
 BILLING CODE 3510-06-P