Proposed Information Collection; Comment Request; Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons, 47671 [2013-18879]

Agencies

• DEPARTMENT OF COMMERCE
• Bureau of Economic Analysis

[Federal Register Volume 78, Number 151 (Tuesday, August 6, 2013)]
[Notices]
[Page 47671]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-18879]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Proposed Information Collection; Comment Request; Benchmark 
Survey of Insurance Transactions by U.S. Insurance Companies with 
Foreign Persons

AGENCY: Bureau of Economic Analysis, Commerce.

ACTION: Notice.

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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.

DATES: Written comments must be submitted on or before October 7, 2013.

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 
jjessup@doc.gov.

FOR FURTHER INFORMATION CONTACT: Direct requests for additional 
information or copies of the survey and instructions to Mark Xu, Chief, 
Special Surveys Branch, Balance of Payments 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 email at 
mark.xu@bea.gov.

SUPPLEMENTARY INFORMATION:

I. Abstract

    Form BE-140, Benchmark Survey of Insurance Transactions by U.S. 
Insurance Companies with Foreign Persons, obtains annual data from all 
U.S. insurance companies that engage in the following international 
insurance transactions: (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 services. In addition, insurance companies with 
transactions in at least one of the eight categories listed above that 
exceed $2 million must supply country specific data on the amount of 
their insurance transactions for each category.
    The data are needed to monitor U.S. international trade in 
insurance services, analyze its impact on the U.S. economy 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.
    This survey is conducted at five year intervals; it was last 
conducted for 2008 and will be conducted again for 2013. The 2013 
survey will be sent to respondents on March 30, 2014 and reports are 
due by June 30, 2014.
    Two changes are proposed to the 2013 BE-140 form: (1) drop 
questions on finite reinsurance because finite reinsurance is a dated 
concept that is no longer relevant, and (2) add questions to identify 
the transaction code, size, type and nature of large and irregular 
transactions, defined as those contracts with premiums ceded or assumed 
in excess of $1 billion and that are at least three times the size of a 
reporter's average regular contract. The new information will allow BEA 
to measure more accurately insurance services on an accrual basis and 
to exclude transactions that are not related to insurance services.

II. Method of Collection

    The surveys are sent to the respondents by U.S. mail and are also 
available from the BEA Web site. Respondents may return the surveys one 
of four ways: U.S. mail, electronically using BEA's electronic 
collection system (eFile), fax, or email.

III. Data

    OMB Control Number: 0608-0073.
    Form Number: BE-140.
    Type of Review: Regular submission.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Responses: 1,700 total responses every five 
years.
    Estimated Time per Response: 8 hours.
    Estimated Total Annual Burden Hours: 13,600 hours.
    Estimated Total Annual Cost to Public: $0.
    Respondent's Obligation: Mandatory.

    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: July 30, 2013.
Glenna Mickelson,
Management Analyst, Office of Chief Information Officer.
[FR Doc. 2013-18879 Filed 8-5-13; 8:45 am]
BILLING CODE 3510-06-P