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.
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.
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:
(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;
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.
BE-140 support statement B Final rule - ROCIS.doc