The Bureau of Economic Analysis (BEA), part of the Department of Commerce, has announced a mandatory survey for U.S. insurance companies that deal with foreign entities, called the Quarterly Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons (BE-45). This survey aims to collect data on the trade of insurance services between the U.S. and foreign entities to understand the impact of U.S. trade. U.S. companies that have insurance transactions surpassing $8 million in a year must report, and BEA will contact those required to file the survey. Reports are due within 30 days after the end of each calendar quarter, except the final quarter, which has a 45-day deadline.
Simple Explanation
The government is asking U.S. insurance companies that do business with other countries to tell them about these activities every three months, so they can understand how much buying and selling is happening. Only the companies that do a lot more than usual need to report, like more than $8 million a year.