View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
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
Retrieve Notice of Action (NOA)
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.
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
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.
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:
0691-AA69
Final or interim final rulemaking
74 FR 156
08/14/2009
Federal Register Notices & Comments
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
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
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
1,042
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.
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
Agency Contact:
Mark Xu 202 606-9826 mark.xu@bea.gov
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:
03/13/2014
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