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

Forms and Documents

Document	Type	Status	Availability
BE-140 support statement B Final rule - ROCIS.doc	Supporting Statement B	Uploaded 2019-06-17	Available
BE-140 supporting statement A Final rule - ROCIS.doc	Supporting Statement A	Uploaded 2019-06-17	Available

IC Document Collections

IC ID	Collection	Type	Status	Form

ICR Details

OMB Control No: 0608-0073	ICR Reference No: 201902-0608-002
Status: Active	Previous ICR Reference No: 201403-0608-002
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: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/30/2019
	Date Received in OIRA: 06/17/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2022	36 Months From Approved
Responses	1,300	0	0
Time Burden (Hours)	6,500	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The BE-140 Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons is necessary to obtain complete and accurate data used by the Bureau of Economic Analysis (BEA) to produce the International Transactions Accounts (ITAs) of the United States. These accounts provide a comprehensive and detailed view of economic transactions between the United States and other countries. In addition, they provide input into other U.S. economic measures and accounts, contributing particularly to the National Income and Product Accounts (NIPAs) and Input-Output accounts. The ITAs are used extensively by both government and private organizations for national and international economic policy support and for analytical purposes. The services transactions accounts are contained within the current account of the ITAs and are divided into several major components. The insurance services transactions covered by this survey accounted for 2.3 percent of U.S. services exports and 9.3 percent of U.S. services imports in 2017. The proposed information collection, BE-140 Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons is necessary to provide baseline information on U.S. trade in insurance services. The survey would ask U.S. companies to report their insurance transactions with foreign persons.

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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-AA88	Final or interim final rulemaking	84 FR 11256	06/12/2019

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 11256	03/26/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 27197	06/12/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 0

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ICR Summary 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	1,300	0	0	1,042	258	0
Annual Time Burden (Hours)	6,500	0	0	4,689	1,811	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: This request is for a renewal, with change, of a previously approved mandatory collection for which approval has expired. Currently, there are no burden hours for the 2018 BE-140 benchmark survey in the inventory maintained by the OMB. Therefore, the estimated burden of 6,500 hours for this periodic collection is shown entirely as a program change in the ROCIS. The estimate for the 2018 BE-140 benchmark survey of 6,500 burden hours is 1,811 more than the estimated respondent burden for the previous (2013) benchmark survey. For the 2013 survey, the estimated burden was 4,689 hours. The increase in burden hours results from an increase in the respondent universe as well as an increase from changes made from the 2013 survey to the 2018 survey. BEA proposes to add and modify some data items collected on the benchmark survey form. The changes are proposed to more closely align collected insurance services categories with international guidelines, to improve on current insurance services estimation methodologies, and to provide users with additional information about U.S. insurance services transactions with foreign persons.

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Annual Cost to Federal Government: $350,000

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 06/17/2019

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