{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/310/944/#05-overview-and-background","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"310","topic_title":"Receivables","subtopic":"310-944","subtopic_title":"Financial Services—Insurance","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-944-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic provides guidance to insurance entities on accounting for and financial reporting of receivables, including mortgage loan receivables and <a href=\"/glossary/r/#reinsurance-recoverable\" class=\"term\" title=\"All amounts recoverable from reinsurers for paid and unpaid claims and claim settlement expenses, including estimated amounts receivable for unsettled claims, claims incurred but not reported, or policy benefits.\"><span>reinsurance recoverables</span></a>. The guidance in this Subtopic is provided in the following three Subsections:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\">General</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><a href=\"/glossary/r/#reinsurance\" class=\"term\" title=\"A transaction in which a reinsurer (assuming entity), for a consideration (premium), assumes all or part of a risk undertaken originally by another insurer (ceding entity). For indemnity reinsurance, the legal rights of the insured are not affected by the reinsurance transaction and the insurance entity issuing the insurance contract remains liable to the insured for payment of policy benefits. Assumption or novation reinsurance contracts that are legal replacements of one insurer by another extinguish the ceding entity's liability to the policyholder.\"><span>Reinsurance</span></a> Contracts</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\">Financial Guarantee Insurance Contracts.</div></li></ol></div></div>","snippet":"This Subtopic provides guidance to insurance entities on accounting for and financial reporting of receivables, including mortgage loan receivables and reinsurance recoverables. The guidance in this Subtopic is provided …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4c35d6ed7937b02454d7ca53e7fced520853d99eef552172a755f06e1f979a8a","downloaded_from":"2026-09-09T23:29:46.208Z","last_downloaded_at":"2026-09-09T23:29:46.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478304","source_sha256":"7efe432dc124a8f79f92e80634b97b3f208c6a16cf5fbd043a76735bb38c6809"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1d61b1eee55f0034749a377cc24c85460c379b6f85ae821514ba9316fcad1a03","downloaded_from":"2026-09-09T23:29:46.208Z","last_downloaded_at":"2026-09-09T23:29:46.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478304","source_sha256":"7efe432dc124a8f79f92e80634b97b3f208c6a16cf5fbd043a76735bb38c6809"}},{"block":"Reinsurance Contracts","heading":null,"paragraphs":[{"citation":"310-944-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\">The <a href=\"/glossary/r/#reinsurance\" class=\"term\" title=\"A transaction in which a reinsurer (assuming entity), for a consideration (premium), assumes all or part of a risk undertaken originally by another insurer (ceding entity). For indemnity reinsurance, the legal rights of the insured are not affected by the reinsurance transaction and the insurance entity issuing the insurance contract remains liable to the insured for payment of policy benefits. Assumption or novation reinsurance contracts that are legal replacements of one insurer by another extinguish the ceding entity's liability to the policyholder.\"><span>Reinsurance</span></a> Contracts Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of <a href=\"/glossary/r/#reinsurance-recoverable\" class=\"term\" title=\"All amounts recoverable from reinsurers for paid and unpaid claims and claim settlement expenses, including estimated amounts receivable for unsettled claims, claims incurred but not reported, or policy benefits.\"><span>reinsurance recoverables</span></a>.</div></div>","snippet":"The Reinsurance Contracts Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of reinsurance recoverables.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:368ba664ccb1cfeda6424610f10318ce87ec9d5cbb6b93e1f151527b6e63fccc","downloaded_from":"2026-09-09T23:29:46.208Z","last_downloaded_at":"2026-09-09T23:29:46.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478304","source_sha256":"7efe432dc124a8f79f92e80634b97b3f208c6a16cf5fbd043a76735bb38c6809"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:df9031c496f18b282d4aa801435b2a1bac1857a8f3f3aabda5e693598a494ed5","downloaded_from":"2026-09-09T23:29:46.208Z","last_downloaded_at":"2026-09-09T23:29:46.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478304","source_sha256":"7efe432dc124a8f79f92e80634b97b3f208c6a16cf5fbd043a76735bb38c6809"}},{"block":"Financial Guarantee Insurance Contracts","heading":null,"paragraphs":[{"citation":"310-944-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Financial Guarantee Insurance Contracts Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of premium receivable for financial guarantee insurance contracts.</div></div>","snippet":"The Financial Guarantee Insurance Contracts Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of premium receivable for financial guarantee insurance contracts.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d206eb9cfa29e95754f4ddbfd089783be7f35426e80463a3a4ef53dda9c90d71","downloaded_from":"2026-09-09T23:29:46.208Z","last_downloaded_at":"2026-09-09T23:29:46.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478304","source_sha256":"7efe432dc124a8f79f92e80634b97b3f208c6a16cf5fbd043a76735bb38c6809"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:10e4b6e1d5abbcb19072dc17207f3a0cd1f1c7245061dd16542799383aaef8df","downloaded_from":"2026-09-09T23:29:46.208Z","last_downloaded_at":"2026-09-09T23:29:46.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478304","source_sha256":"7efe432dc124a8f79f92e80634b97b3f208c6a16cf5fbd043a76735bb38c6809"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:03b71054738ebfe5d4d209f0ade9e70ae202f31b2114ee421489d216c8cadb33","downloaded_from":"2026-09-09T23:29:46.208Z","last_downloaded_at":"2026-09-09T23:29:46.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478304","source_sha256":"7efe432dc124a8f79f92e80634b97b3f208c6a16cf5fbd043a76735bb38c6809"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:03b71054738ebfe5d4d209f0ade9e70ae202f31b2114ee421489d216c8cadb33","downloaded_from":"2026-09-09T23:29:46.208Z","last_downloaded_at":"2026-09-09T23:29:46.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478304","source_sha256":"7efe432dc124a8f79f92e80634b97b3f208c6a16cf5fbd043a76735bb38c6809"}}