[Federal Register Volume 63, Number 99 (Friday, May 22, 1998)]
[Notices]
[Pages 28353-28354]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-13794]
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
Annual Survey of Reinsurance and Other Insurance Transactions by
U.S. Insurance Companies With Foreign Persons
ACTION: Proposed collection; comment request.
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SUMMARY: The Department of Commerce, as part of its continuing effort
to reduce paperwork and respondent burden, invites the general
[[Page 28354]]
public and other Federal agencies to comment on proposed and/or
continuing information collections, as required by the Paperwork
Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).
DATES: Written comments must be submitted on or before July 21, 1998.
ADDRESSES: Direct all written comments to Linda Engelmeier,
Departmental Forms Clearance Officer, Department of Commerce, Room
5327, 14th and Constitution Avenue, NW, Washington, DC 20230.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the information collection instrument and instructions should
be directed to: R. David Belli, U.S. Department of Commerce, Bureau of
Economic Analysis, BE-50(OC), Washington, DC 20230 (Telephone: 202-606-
9800).
SUPPLEMENTARY INFORMATION:
I. Abstract
The BE-48 Annual Survey of Reinsurance and Other Insurance
Transactions by U.S. Insurance Companies With Foreign Persons will
obtain data from U.S. insurance companies on their reinsurance and
other insurance transactions with foreign persons. The information
gathered is needed, among other purposes, to support U.S. trade policy
initiatives and to compile the U.S. international transactions, input-
output, and national income and product accounts. Apart from minor
clarifications to the instructions for reporting commissions and
changes to the pre-printed list of countries to reflect recent shifts
in the geographic composition of cross-border insurance transactions,
BEA is not proposing changes to the form or instructions at this time.
II. Method of Collection
The survey will be sent each year to potential respondents in
January and responses are due by March 31. A U.S. person who engages in
reinsurance transactions with foreign persons or who acts in the
capacity of a primary insurer with foreign persons is required to
report if, with respect to transactions with foreign persons, any of
the following six items equaled or exceeded $1 million (positive or
negative) in the reporting period: (1) Premiums earned, and (2) losses,
on reinsurance assumed; (3) premiums incurred, and (4) losses, on
reinsurance ceded; and (5) premiums earned, and (6) losses, on primary
insurance sold. A U.S. person that receives a form but is not required
to report data must file an exemption claim.
III. Data
OMB Number: 0608-0016.
Form Number: BE-48.
Type of Review: Regular submission.
Affected Public: U.S. insurance companies or groups engaging in
reinsurance or other insurance transactions with foreign persons.
Estimated Number of Responses: 400.
Estimated Time Per Response: 4 hours.
Estimated Total Annual Burden Hours: 1,600.
Estimated Total Annual Cost: $48,000 (based on an estimated
reporting burden of 1,600 hours and an estimated hourly cost of $30).
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 has 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 submitted in response to this notice will be summarized
and/or included in the request for OMB approval of this information
collection; they also will become a matter of public record.
Dated: May 19, 1998.
Madeleine Clayton,
Management Analyst, Office of Management and Organization.
[FR Doc. 98-13794 Filed 5-21-98; 8:45 am]
BILLING CODE 3510-06-P
