Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Services Surveys: BE-140, Benchmark Survey of Insurance Transactions by U.S. Insurance Companies With Foreign Persons
Notice of information collection, request for comment.
Citation: "88 FR 46139"
Page Number: "46139"
"Notices"
Agency: "
SUMMARY:
DATES:
To ensure consideration, comments regarding this proposed information collection must be received on or before
ADDRESSES: Interested persons are invited to submit written comments to
FOR FURTHER INFORMATION CONTACT: Requests for additional information or specific questions related to collection activities should be directed to
SUPPLEMENTARY INFORMATION:
I. Abstract
The data are needed to monitor
The
BEA does not plan to change the exemption levels used for the previous benchmark survey in 2018.
BEA proposes to:
(1) Add a question to collect information on the largest states, districts, or territories (up to three) for exports and imports of services. This information would be required of all survey respondents and would allow BEA to produce estimates of the value of exports and imports of services by
(2) Add a question on employment size class. This information would be required of all survey respondents to aid in identifying the number of small businesses reporting on the survey, and the volume of services trade data reported by small businesses.
(3) Better distinguish between life insurance and nonlife insurance for exports of direct insurance by separately collecting a percentage break out of the
(4) Directly collect premium supplements for exports and use reported data to improve the estimation of premium supplements for imports. Only those reporters subject to filing country and affiliation detail on the mandatory schedules (i.e., those reporters exceeding
BEA also plans to discontinue the collection of the question requesting the
BEA estimates there will be minimal impact to the reporting burden because the burden associated with the additional data items required on the survey should not require an extensive search within company records, and burden associated with these new items will be offset by burden reductions from deleted survey items. Proposals one and two should not affect burden because BEA believes these data to be readily available in reporter records, or can be provided by many respondents based on recall, without the need to search existing records. Additionally, proposal three is a minor modification to data already collected on the 2018 BE-140 benchmark survey. Survey respondents who provided a breakout of direct insurance into life, freight, and other in 2018 will now be required to report transactions in insurance with a savings component, freight, property and casualty, and other. The additional category should have minimal impact on reporters, because, in 2018 reporters had to separately identify these transactions in order to classify them among the three categories used on the previous benchmark survey. BEA estimates there will be a 0.5 hour increase in reporting burden associated with the collection of detail on premium supplements, proposal four. However, this additional data will only be required of respondents required to report country and affiliation detail on the mandatory schedules, whom BEA believes will also see a comparable reduction in burden associated with the elimination of Schedules C and D from the survey.
Therefore, although there are some expected increases in burden, BEA believes these increases to be negligible and primarily offset by a reduction in burden from data collected in 2018 which will no longer be collected on the 2023 survey. BEA believes the additional data is readily available in existing company accounting records, and therefore average burden for completing the survey will continue to be 5 hours per response. The language in the instructions and definitions will be reviewed and adjusted as necessary to clarify survey requirements.
II. Method of Collection
BEA will contact potential respondents by mail in January of 2024 to announce the upcoming benchmark survey. Respondents would then be notified in
BEA offers its electronic filing option, the eFile system, for use in reporting on Form BE-140. For more information about eFile, go to www.bea.gov/efile. In addition, BEA posts all its survey forms and reporting instructions on its website, www.bea.gov/ssb. These may be downloaded, completed, printed, and submitted via fax or mail.
III. Data
OMB Control Number: 0608-0073.
Form Number(s): BE-140.
Type of Review: Regular submission.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 1,300 annually (1,000 reporting mandatory data and 300 that would file exemption claims or voluntary responses).
Estimated Time per Response: 9 hours is the average for the 600 respondents filing data by country and affiliation; 2 hours for the 400 respondents filing data by transaction type only, and 1 hour for those filing an exemption claim or other response. Hours may vary considerably among respondents because of differences in company size and complexity.
Estimated Total Annual
Estimated Total Annual Cost to Public:
Respondent's Obligation: Mandatory.
Legal Authority:
IV. Request for Comments
Comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Agency, including whether the information will have practical utility; (b) the accuracy of the Agency's estimate of the burden (including hours and cost) of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.
Comments that you submit in response to this notice are a matter of public record. We will include or summarize each comment in our request to OMB to approve this ICR. Before including your address, phone number, email address, or other personal identifying information in your comment, you should be aware that your entire comment--including your personal identifying information--may be made publicly available at any time. While you may ask us in your comment to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so.
Department PRA Clearance Officer,
[FR Doc. 2023-15276 Filed 7-18-23;
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