SUPPORTING STATEMENT
FOR PAPERWORK REDUCTION ACT SUBMISSION
EXPORT-IMPORT BANK OF THE U.S.
NOTIFICATION BY INSURED OF AMOUNTS PAYABLE UNDER MULTI-BUYER EXPORT CREDIT INSURANCE POLICY (STANDARD ASSIGNMENT), EIB 92-31
NOTIFICATION BY INSURED OF AMOUNTS PAYABLE UNDER SINGLE-BUYER EXPORT CREDIT INSURANCE POLICY (STANDARD ASSIGNMENT), EIB 92-32
SMALL BUSINESS MULTIBUYER EXPORT CREDIT INSURANCE POLICY
ENHANCED ASSIGNMENT OF POLICY PROCEEDS, EIB 92-53
SMALL BUSINESS SINGLE BUYER EXPORT CREDIT INSURANCE POLICY
ENHANCED ASSIGNMENT OF POLICY PROCEEDS, EIB 99-17
A. Justification
1. The Export Import Bank of the US (Ex-Im Bank) pursuant to the Export Import Bank Act of 1945, as amended (12 USC 635, et seq), facilitates the finance of export of U.S. goods and services. By neutralizing the effect of export credit insurance and guarantees offered by foreign governments and by absorbing credit risks that the private sector will not accept, Ex-Im Bank enables U.S. exporters to compete fairly in foreign markets on the basis of price and product. These collections of information are used by exporters to convey legal rights to their financial institution lenders to share insurance policy proceeds from Ex-Im Bank approved insurance claims.
2. The forms represent the exporter’s directive to Ex-Im Bank to whom and where the insurance proceeds should be sent. The forms are typically part of the documentation required by financial institution lenders in order to provide financing of an exporter’s foreign accounts receivable. Foreign accounts receivable insured by Ex-Im Bank represent stronger collateral to secure the financing. By recording which policyholders have completed this form, Ex-Im Bank is able to determine how many of its exporter policyholders require Ex-Im Bank insurance policies to support lender financing.
3. The forms are downloaded from Ex-Im Bank’s website through the “Applications and Forms portal” and processed manually at Ex-Im Bank. Once received and executed (signed) by Ex-Im Bank, the executed hardcopies are returned by mail to the lender and exporter for their records. Electronic (online) confirmation is sent to both parties. Policy documents are electronically updated and can be viewed online to show the lender as “assignee” to the policy. Financial institutions can view documents and policy activity online for all of their Ex-Im Bank insurance policies on which they are assignees.
There is no duplication of information submission because each form corresponds to a unique insurance request.
The forms require minimal data entry which includes the date, policy number, contact name, address and signature from both the exporter and lender.
Without the forms, there could be disputes between the: a) exporter and its financial institution lender as to which party should receive insurance proceeds; or b) between the exporter and multiple lenders, each of which may claim rights to insurance proceeds paid by Ex-Im Bank.
Four originals of the form are needed if all interested parties to the assignment (Lender, Exporter and Broker) want the form with original signatures mailed back to them for their records. The Export-Import Bank retains an original for its record.
A request for comments was published on June 21, 2006, Vol 71, No. 119, Federal Register, page 35673. No comments were received.
Not applicable.
Ex-Im Bank and its officers and employees are subject to the Trade Secrets Act, 18 U.S.C. Sec 1905, which requires Ex-Im Bank to protect confidential business and commercial information from disclosure, and 12 CFR 404.1, which provides that, except as required by law, Ex-Im Bank will not disclose information provided in confidence without the submitter’s consent. Attached is a letter regarding Ex-Im Bank’s confidentiality policies, provided on demand, but not included as part of any application.
Not applicable. No sensitive questions are involved.
Estimates of the hour burden of the collection of information.
No. of Respondents – Approximately 170
Total Responses – Approximately 680 (4 originals per respondent)
Frequency of response – Annually for an enhanced assignment and once for the life of a policy for the standard assignment.
Annual Hour burden – 113.33 hours.
Not applicable.
Estimated annualized cost to the federal government
Reviewing time …………………….. 1 Hour
Responses/year …………………….. 680
Review time/year…………………….680 hours
Avg wages/hr ………………………..x$36
Average wages/yr ……………………$24,480.00
Benefits and overhead ………………..100%
Total Government Cost ……………$48,960.00
The forms have been in use, but not approved by OMB
Not applicable. Information is not published.
Not applicable.
No exceptions.
Collection of Information Employing Statistical Methods
Statistical methods are not used in this information collection
| File Type | application/msword |
| File Title | SUPPORTING STATEMENT FOR PAPERWORK SUBMISSION ____ APPLICATION FOR MEDIUM-TERM INSURANCE OR GUARANTEE |
| Author | BECKHAMA |
| Last Modified By | exim001 |
| File Modified | 2006-09-22 |
| File Created | 2006-08-21 |