📊Reporting Requirements for U.S. Insurance Transactions with Foreign Persons
BE-45: Quarterly Survey of Insurance Transactions by U.S. Insurance Companies With Foreign Persons
Summary
By this Notice, the Bureau of Economic Analysis (BEA), Department of Commerce, is informing the public that it is conducting the mandatory survey titled Quarterly Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons (BE-45). The data collected on the BE-45 survey are needed to measure U.S. trade in insurance services and to analyze the impact of U.S. trade on the U.S. and foreign economies. This survey is authorized by the International Investment and Trade in Services Survey Act.
Agencies
- Commerce Department
- Economic Analysis Bureau
Business Impact
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The text outlines mandatory reporting requirements for U.S. insurance companies conducting transactions with foreign persons. This affects compliance and regulatory obligations for businesses exceeding $8 million in transaction value. Failure to comply may lead to penalties, making understanding and adherence crucial for affected enterprises.