Notice2021-12194
Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Services Surveys: BE-45, Quarterly Survey of Insurance Transactions by U.S. Insurance Companies With Foreign Persons
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 10, 2021
Issuing agencies
Commerce DepartmentEconomic Analysis Bureau
Abstract
The Department of Commerce, in accordance with the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to comment on proposed and continuing information collections, which helps us assess the impact of our information collection requirements and minimize the public's reporting burden. The purpose of this notice is to allow for 60 days of public comment preceding submission of the collection to OMB.
Full Text
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<title>Federal Register, Volume 86 Issue 110 (Thursday, June 10, 2021)</title>
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[Federal Register Volume 86, Number 110 (Thursday, June 10, 2021)]
[Notices]
[Pages 30913-30914]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-12194]
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
Agency Information Collection Activities; Submission to the
Office of Management and Budget (OMB) for Review and Approval; Comment
Request; Services Surveys: BE-45, Quarterly Survey of Insurance
Transactions by U.S. Insurance Companies With Foreign Persons
AGENCY: Bureau of Economic Analysis, Commerce.
ACTION: Notice of Information Collection, request for comment.
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SUMMARY: The Department of Commerce, in accordance with the Paperwork
Reduction Act of 1995 (PRA), invites the general public and other
Federal agencies to comment on proposed and continuing information
collections, which helps us assess the impact of our information
collection requirements and minimize the public's reporting burden. The
purpose of this notice is to allow for 60 days of public comment
preceding submission of the collection to OMB.
DATES: To ensure consideration, comments regarding this proposed
information collection must be received on or before August 9, 2021.
ADDRESSES: Interested persons are invited to submit written comments to
Christopher Stein, Chief, Services Surveys Branch, Bureau of Economic
Analysis, by email to <a href="/cdn-cgi/l/email-protection#43202b312a30372c332b26316d3037262a2d032126226d242c35"><span class="__cf_email__" data-cfemail="482b203a213b3c2738202d3a663b3c2d2126082a2d29662f273e">[email protected]</span></a> or <a href="/cdn-cgi/l/email-protection#a2f2f0e3c1cdcfcfc7ccd6d1e2c6cdc18cc5cdd4"><span class="__cf_email__" data-cfemail="0b5b594a686466666e657f784b6f6468256c647d">[email protected]</span></a>.
Please reference OMB Control Number 0608-0066 in the subject line of
your comments. Do not submit Confidential Business Information or
otherwise sensitive or protected information.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
specific questions related to collection activities should be directed
to Christopher Stein, Chief, Services Surveys Branch, Bureau of
Economic Analysis; 301-278-9189; or via email at
<a href="/cdn-cgi/l/email-protection#6e0d061c071d1a011e060b1c401d1a0b07002e0c0b0f40090118"><span class="__cf_email__" data-cfemail="214249534852554e514944530f525544484f614344400f464e57">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Abstract
The Quarterly Survey of Insurance Transactions by U.S. Insurance
Companies with Foreign Persons (Form BE-45) is a survey that collects
data from U.S. persons who engage in covered insurance transactions. A
U.S. person means any individual, branch, partnership, associated
group, association, estate, trust, corporation, or other organization
(whether or not organized under the laws of any State), resident in the
United States or subject to the jurisdiction of the United States. A
U.S. person must report if they had combined transactions in the
covered insurance services with foreign persons that exceeded $8
million (based on absolute value) for the previous 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 trade in insurance services component of the U.S.
international transactions accounts (ITAs) and national income and
product accounts (NIPAs).
The Bureau of Economic Analysis (BEA) is proposing a single
modification to the survey reporting requirements and a change to the
survey due date, beginning with reporting for first quarter 2022. The
proposed modifications to the BE-45 survey would allow BEA to increase
the quality and usefulness of BEA's statistics on trade in insurance
services.
BEA proposes to adjust the reporting requirements of the survey so
they are applied based on a combined threshold for premiums, losses,
and auxiliary services, for the eight covered transaction categories:
(1) Premiums earned on reinsurance assumed from insurance companies
resident abroad; (2) losses incurred on reinsurance assumed from
insurance companies resident abroad; (3) premiums earned on primary
insurance sold to foreign persons; (4) losses incurred on primary
insurance sold to foreign persons; (5) premiums incurred on reinsurance
ceded to insurance companies resident abroad; (6) losses recovered on
reinsurance ceded to insurance companies resident abroad; (7) receipts
for auxiliary insurance services; and (8) payments for auxiliary
insurance
[[Page 30914]]
services. U.S. persons with combined transactions in excess of $8
million (based on absolute value), would be required to disaggregate
all transaction types by country and by relationship of the foreign
transactor to the U.S. reporter (foreign affiliate, foreign parent
group, or unaffiliated) on the mandatory schedule(s). On the current
survey, the reporting requirements are applied for each transaction
type separately. This change will align the survey's reporting
requirements with those of the other quarterly services surveys
conducted by BEA.
BEA also proposes to change the due date of the survey to 30 days
after the close of each calendar quarter from 45 days for the three
quarters that are not the final calendar quarter of the year. For the
close of the final calendar quarter of the year, reports would be due
45 days after the close of the quarter instead of 90 days. Shortening
the reporting timeline will allow BEA to produce more accurate and
complete trade in services statistics in preliminary estimates of the
ITAs, which is critical information for policymakers' timely decisions
on international trade policy. The earlier due date will allow BEA to
use more reported data for preliminary statistics, improving the
accuracy of both the aggregates and the country detail, and reducing
revisions in subsequent statistical releases. In addition, the proposed
reporting deadlines are also consistent with the reporting deadlines of
BEA's quarterly direct investment surveys.
BEA estimates there will be a small change in the number of
respondents that would now be required to provide additional country
and affiliation detail on the mandatory schedules due to the change in
reporting requirements. Most quarterly respondents are large enough
that they are already required to report detail on the mandatory
schedules. BEA estimates that approximately 13 additional respondents
would now be required to provide the additional detail that were not
previously required to do so, and on average would report transactions
with 3 countries.
The additional mandatory reporting for individual transactions
previously below the reporting thresholds, resulting from the
application of the threshold to combined transactions, should have a
minimal impact on reporting burden for the reporters who will now be
required to complete the mandatory schedules. Since these respondents
represent only a small portion of the total number of reporters already
filing full country and affiliation detail, and because BEA believes
this data is readily available in their existing accounting records,
overall burden for completing the full survey with data will continue
to average 9 hours per response.
BEA estimates there will be no change in burden hours per response
as a result of the proposed change in survey due dates. While survey
respondents will have to file earlier, the burden for the survey is
unchanged because the same information will be required on the survey
as in the past. The 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
quarter. Respondents would be required to file the completed BE-45
forms within 30 days after the end of each calendar quarter that is not
the final quarter of the year and within 45 days after the close of the
final calendar quarter of the year. Reports would be required from each
U.S. person that had combined transactions in the covered insurance
services with foreign persons that exceeded $8 million (based on
absolute value), for the previous 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
<a href="http://www.bea.gov/efile">www.bea.gov/efile</a>. In addition, BEA posts all its survey forms and
reporting instructions on its website, <a href="http://www.bea.gov/ssb">www.bea.gov/ssb</a>. These may be
downloaded, completed, printed, and submitted via fax or mail.
III. Data
OMB Control Number: 0608-0066.
Form Number(s): BE-45.
Type of Review: Regular submission.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 2,200 annually (550 filed each
quarter; 515 reporting mandatory data, and 35 that would file exemption
claims or voluntary responses).
Estimated Time per Response: 9 hours is the average for those
reporting data and 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 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 that you submit in response to this notice are a matter of
public record. We will include or summarize each comment in our request
to OMB to approve this ICR. Before including your address, phone
number, email address, or other personal identifying information in
your comment, you should be aware that your entire comment--including
your personal identifying information--may be made publicly available
at any time. While you may ask us in your comment to withhold your
personal identifying information from public review, we cannot
guarantee that we will be able to do so.
Sheleen Dumas,
Department PRA Clearance Officer, Office of the Chief Information
Officer, Commerce Department.
[FR Doc. 2021-12194 Filed 6-9-21; 8:45 am]
BILLING CODE 3510-06-P
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