Quarterly Survey of Insurance Transactions by U.S. Insurance Companies With Foreign Persons, 13961 [E6-3949]

Agencies

• DEPARTMENT OF COMMERCE
• Bureau of Economic Analysis
• Economic Analysis Bureau

[Federal Register Volume 71, Number 53 (Monday, March 20, 2006)]
[Notices]
[Page 13961]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3949]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Quarterly Survey of Insurance Transactions by U.S. Insurance 
Companies With Foreign Persons

ACTION: Proposed collection; comment request.

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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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).

DATES: Written comments must be submitted on or before 5 p.m. May 19, 
2006.

ADDRESSES: Direct all written comments to Diane Hynek, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6625, 14th 
and Constitution Avenue, NW., Washington, DC 20230, or via the Internet 
at dhynek@doc.gov, ((202) 482-0266).

FOR FURTHER INFORMATION CONTACT: Direct requests for additional 
information or copies of the survey and instructions to Christopher 
Emond, Chief, Special Surveys Branch, International Investment 
Division, (BE-50), Bureau of Economic Analysis, U.S. Department of 
Commerce, Washington, DC 20230; phone: (202) 606-9826; fax: (202) 606-
5318; or via the Internet at christopher.emond@bea.gov.

SUPPLEMENTARY INFORMATION:

I. Abstract

    Form BE-45, Quarterly Survey of Insurance Transactions by U.S. 
Insurance Companies with Foreign Persons, obtains quarterly data from 
U.S. insurance companies that have engaged in reinsurance transactions 
with foreign persons, that have earned premiums from, or incurred 
losses to, foreign persons in the capacity of primary insurers, or that 
have engaged in international sale or purchase transactions in 
auxiliary insurance services. The data are needed to monitor U.S. 
international trade in insurance services, analyze its impact on the 
U.S. and foreign economies, compile and improve the U.S. economic 
accounts, support U.S. commercial policy on insurance services, conduct 
trade promotion, and improve the ability of U.S. businesses to identify 
and evaluate market opportunities.
    The data from the survey are primarily intended as general purpose 
statistics. They are needed to answer any number of research and policy 
questions related to cross-border trade in services.
    The form remains the same as in the past. No changes in the data 
collected or in exemption levels are proposed.

II. Method of Collection

    Survey forms will be sent to U.S. insurance companies each quarter; 
responses will be due within 60 days after the close of each calendar 
quarter, except for the final quarter of the calendar year, when 
reports are due within 90 days after the close of the quarter. 
Potential respondents are those U.S. insurance companies that, with 
respect to transactions with foreign persons, have premiums earned or 
losses on reinsurance assumed; premiums incurred or losses on 
reinsurance ceded; premiums earned or losses on primary insurance; or 
sales or purchases of auxiliary insurance services greater than $8 
million (positive or negative) for the prior calendar year or that are 
expected to be greater than $8 million (positive or negative) in the 
current calendar year. The data collected are cut-off sample data. In 
addition, estimates are developed based upon previously reported or 
estimated data for non-respondents, including those U.S. insurance 
companies that fall below the reporting threshold for the survey.

III. Data

    OMB Number: 0608-0066.
    Form Number: BE-45.
    Type of Review: Regular submission.
    Affected Public: U.S. insurance companies that transact with 
foreign persons in insurance services.
    Estimated Number of Respondents: 225 per quarter; 900 annually.
    Estimated Time Per Response: 8 hours.
    Estimated Total Annual Burden Hours: 7,200 hours.
    Estimated Total Annual Cost: $288,000 (based on an estimated 
reporting burden of 7,200 hours and an estimated hourly cost of $40).
    Respondent's Obligation: Mandatory.

    Legal Authority: The International Investment and Trade in 
Services Survey Act, 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 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.

    Dated: March 14, 2006.
Madeleine Clayton,
Management Analyst, Office of Chief Information Officer.
 [FR Doc. E6-3949 Filed 3-17-06; 8:45 am]
BILLING CODE 3510-06-P