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

Forms and Documents

Document Name	Status
BE-140 Supporting Statement A FINAL Oct.pdf Supporting Statement A	2023-10-25
BE-140 Supporting Statement B FINAL.docx Supporting Statement B	2023-07-14

IC Document Collections

IC ID	Document Title	Status
263026	BE-140 Survey Other-Survey	New

ICR Details

OMB Control No: 0608-0073	ICR Reference No: 202307-0608-001
Status: Received in OIRA	Previous ICR Reference No: 201902-0608-002
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	Date Submitted to OIRA: 10/25/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	1,300	0
Time Burden (Hours)	6,500	0
Cost Burden (Dollars)	0	0

---

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. The data collected on the BE-140 survey are needed to monitor U.S. trade in insurance services, to analyze the impact of these cross-border services on the U.S. and foreign economies, to compile and improve the U.S. economic accounts, to support U.S. commercial policy on trade in services, to conduct trade promotion, and to improve the ability of U.S. businesses to identify and evaluate market opportunities. The data are used in estimating the trade in insurance services component of the U.S. international transactions accounts (ITAs) and national income and product accounts (NIPAs). 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 2.4 percent of U.S. exports and 8.5 percent of U.S. imports of services in 2022. 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.

---

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

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 46319	07/19/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 70639	10/12/2023
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
BE-140 Survey

---

ICR Summary of Burden

	Total Request	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	1,300	0	0
Annual Time Burden (Hours)	6,500	0	0	6,500	0	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 changes of a discontinued periodic data collection, with no estimated change in the burden hours (the previous approval by OMB, in July 2018, can be viewed at omb.report by searching OMB control number 0608-0073 under the Information Collection Review tab). There has been no change in the agency estimate of the average time to complete the survey. As detailed in the Supporting Statement A and in the 60-day notice, it is estimated that the changes will have minimal impact on the average filing burden due to the fact that the time to provide the additional data will be offset by the reduction in burden associated with the deleted data items.

---

Annual Cost to Federal Government: $820,000

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? No

---

Common Form ICR:  No

---

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: 10/25/2023

---