BE-45 Supporting Statement B 2024_Final September

BE-45 Supporting Statement B 2024_Final September.docx

BE-45 Quarterly Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons

OMB: 0608-0066

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Supporting Statement

U.S. Department of Commerce

Bureau of Economic Analysis

Quarterly Survey of Insurance Transactions by U.S. Insurance Companies

with Foreign Persons (Form BE-45)

OMB Control Number: 0608-0066


B. Collections of Information Employing Statistical Methods


1. Describe (including a numerical estimate) the potential respondent universe and any sampling or other respondent selection method to be used. Data on the number of entities (e.g. establishments, State and local governmental units, households, or persons) in the universe and the corresponding sample are to be provided in tabular form for the universe as a whole and for each of the strata in the proposed sample. Indicate expected response rates for the collection as a whole. If the collection had been conducted previously, include the actual response rate achieved during the last collection.


The potential respondent universe for the BE-45 quarterly survey is all U.S. insurance companies that engaged in any of the eight covered types of insurance transactions (as detailed in A.2) with foreign persons. A U.S. person must report if it had combined transactions with foreign persons in excess of $8 million (based on absolute value) in the covered premiums, losses, and auxiliary services categories for the previous calendar year or if it expects to have such transactions in excess of that amount during the current calendar year. The list of respondents will be derived from prior reporters of the BE-45 and BE-140 surveys and public and private sources, including business directories and establishment lists.


BE-45 Universe, Sample, and Response Rate


Number of U.S. persons engaging in covered transactions

Percent of U.S. persons engaging in covered transactions

Universe


Sample


Nonsample

Report exemption claim or voluntary data


Response rate*

1,425


515


875

35




100%


36%


62%

2%



95%

*The response rate is based on average response rates for the 2019-2022 BE-45 and 2018 BE-140 survey


2. Describe the procedures for the collection, including: the statistical methodology for stratification and sample selection; the estimation procedure; the degree of accuracy needed for the purpose described in the justification; any unusual problems requiring specialized sampling procedures; and any use of periodic (less frequent than annual) data collection cycles to reduce burden.


The BE-45 survey will be administered to U.S. insurance companies that have transactions in insurance services with foreign persons, who meet the reporting thresholds for premiums, losses, and auxiliary services, as mentioned in B.1. above. BEA expects most of the potential respondents to file the survey on a timely basis. BEA will estimate data for respondents that do not report their data in a timely manner, including those U.S. persons that fall below the reporting threshold for the quarterly survey but reported on a previous benchmark survey. Estimates will be based on prior reports and growth in the value of transactions from a matched sample of respondents. BEA will allocate the estimated data by country and by type of transaction based on the distribution of reported transactions for inclusion in the published totals. Thus, estimates will cover the entire universe of transactions. No unusual problems have been identified that will require the use of specialized sampling procedures. For additional information on BEA’s estimation techniques for the BE-45 survey, see “U.S. International Economic Accounts: Concepts and Methods” on BEA’s website.


3. Describe the methods used to maximize response rates and to deal with issues of non-response. The accuracy and reliability of the information collected must be shown to be adequate for the intended uses. For collections based on sampling, a special justification must be provided for any collection that will not yield "reliable" data that can be generalized to the universe studied.


Any company specifically contacted by BEA must respond by filing a completed form BE-45 or a valid exemption claim. Non-respondents will be contacted by BEA staff through delinquency notices and phone calls and, in the event of continued nonresponse, will be referred to the Office of General Counsel for further action. BEA expects that at the time of the final revised estimates, reports will be received from nearly all companies required to report. To facilitate response, a notice will be sent to each company on a quarterly basis notifying the company of the requirement to file the survey and providing links to eFile, BEA’s electronic filing system, and a PDF version of the survey.


The data collected on the BE-45 survey are needed to measure U.S. trade in insuance services and to analyze the impact of U.S. trade on the U.S. and foreign economies. The data are used to support U.S. trade policy initiatives, including trade negotiations, and to compile the U.S. international transactions and the national income and product accounts. The response rates described in B.1., together with the estimation procedures described in B.2., provide information of sufficient accuracy and reliability for the intended purpose.


4. Describe any tests of procedures or methods to be undertaken. Tests are encouraged as effective means of refining collections of information to minimize burden and improve utility. Tests must be approved if they call for answers to identical questions from 10 or more respondents. A proposed test or set of tests may be submitted for approval separately or in combination with the main collection of information.


No tests were conducted. Recent efforts to seek feedback from data users and survey respondents are described in A.8.


5. Provide the name and telephone number of individuals consulted on the statistical aspects of the design, and the name of the agency unit, contractor(s), grantee(s), or other person(s) who will actually collect and/or analyze the information for the agency.


The survey is designed and conducted within BEA by the Balance of Payments Division. For further information, contact Christopher Stein via email at christopher.stein@bea.gov or by phone at 301-278-9189. The survey proposal was reviewed and approved by BEA’s Source Data Improvement and Evaluation Program (SDIEP). The SDIEP coordinator is Tiffany Burrell, tiffany.burrell@bea.gov, (301) 278-9618.


File Typeapplication/vnd.openxmlformats-officedocument.wordprocessingml.document
File TitleSupporting Statement for the BE-11 Annual Survey
AuthorU.S. Department of Commerce
File Modified0000-00-00
File Created2024-09-10

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