# ASC 310-944-05: Receivables — Financial Services—Insurance — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/310/944/#05-overview-and-background)

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## ASC 310-944-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/310/944/#05-overview-and-background)

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##### [310-944-05-1](https://asc.understandingaccounting.org/asc/310/944/#310-944-05-1)

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This Subtopic provides guidance to insurance entities on accounting for and financial reporting of receivables, including mortgage loan receivables and [reinsurance recoverables](https://asc.understandingaccounting.org/glossary/r/#reinsurance-recoverable "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."). The guidance in this Subtopic is provided in the following three Subsections:

1.  a
    
    General
    
2.  b
    
    [Reinsurance](https://asc.understandingaccounting.org/glossary/r/#reinsurance "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.") Contracts
    
3.  c
    
    Financial Guarantee Insurance Contracts.

### Reinsurance Contracts

##### [310-944-05-2](https://asc.understandingaccounting.org/asc/310/944/#310-944-05-2)

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The [Reinsurance](https://asc.understandingaccounting.org/glossary/r/#reinsurance "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.") Contracts Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of [reinsurance recoverables](https://asc.understandingaccounting.org/glossary/r/#reinsurance-recoverable "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.").

### Financial Guarantee Insurance Contracts

##### [310-944-05-3](https://asc.understandingaccounting.org/asc/310/944/#310-944-05-3)

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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.