Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form BE-140 Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons	Form and Instruction	Modified	Available
0608.0073.BE-140.supporting_statement_B_v5.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2014-03-13	Available
0608.0073.BE-140.supporting_statement_A.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2014-03-13	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
188262	Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons	Form and Instruction	Modified

ICR Details

OMB Control No: 0608-0073	ICR Reference No: 201403-0608-002
Status: Historical Active	Previous ICR Reference No: 201403-0608-001
Agency/Subagency: DOC/EASA	Agency Tracking No: BE-140
Title: Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/20/2014
	Date Received in OIRA: 03/13/2014
Terms of Clearance: Prior to the commencement of the Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons forms distribution, the Bureau of Economic Analysis shall provide on its Internet site prominent links to a set of finalized survey forms, including instructions and cover letters. The final forms and letters shall reflect any changes in the survey year, OMB number and expiration date, or BEA leadership from those submitted for review.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2017	03/31/2017	03/31/2017
Responses	1,042	0	1,000
Time Burden (Hours)	4,689	0	4,500
Cost Burden (Dollars)	0	0	0

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Abstract: This survey will collect baseline information on U.S. international trade in insurance services. The data collected will provide universe information on U.S. exports and imports of insurance services, and will be used in conjunction with similar data collected in quarterly sample surveys with higher reporting thresholds to construct estimates of such trade by quarter and for non-benchmark years. The data will be used in the U.S. international transactions, national income and product, and input-output accounts, and also will serve as general purpose statistics for use in support of U.S. international economic policy and trade promotion initiatives, as well for use as general purpose statistics by businesses and private researchers.

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Authorizing Statute(s): PL: Pub.L. 94 - 472 U.S.C. 3101-3108 Name of Law: International Investment and Trade in Services Survey Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
0691-AA69	Final or interim final rulemaking	74 FR 156	08/14/2009

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons	BE-140	BE-140, Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	1,042	1,000	0	0	42	0
Annual Time Burden (Hours)	4,689	4,500	0	0	189	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This request is a no material or nonsubstantive change to a currently approved collection. BEA revised the survey form to remove the three questions about finite reinsurance from the survey. Finite reinsurance became an obsolete concept in recent years and is no longer relevant to the industry. BEA also added three questions and Schedule C about the large, infrequent transactions in reinsurance to the survey to better understand the nature of these transactions. Only very small number of respondents (less than 10) would be affected by these revisions; and the revisions will not affect the respondents/responses/ burden hours. The reevaluation of the survey mailing list added 42 expected responses, which is an increase of 189 burden hours due to an Adjustment in Agency Estimate.

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Annual Cost to Federal Government: $311,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 03/13/2014

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