The government is asking for public comments on an international insurance transactions survey form that has been in use for years.
The Bureau of Economic Analysis, an arm of the U.S. Department of Commerce, has put the form – BE-45, Quarterly Survey of Insurance Transactions by U.S. Insurance Companies With Foreign Persons – up for a public review.
The Paperwork Reduction Act of 1995 requires agencies to solicit public comments on their forms on a regular basis.
The BE-45 form calls for data from U.S. insurers that “have engaged in reinsurance transactions with foreign persons, that have earned premiums from, or incurred losses to, foreign persons in the capacity of primary insurers, or that have engaged in international sale or purchase transactions in auxiliary insurance services greater than $8 million (positive or negative) for the prior calendar year or that are expected to be greater than $8 million (positive or negative) in the current calendar year,” according to BEA officials.
About 1,200 insurers fill out the form each quarter, and each respondent spends about 8 hours supplying the requested information, BEA officials estimate.
Suggestions for improving the form and requests to eliminate it are due June 8.