# ASC 944-20-30: Financial Services—Insurance — Insurance Activities — 30 Initial Measurement

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/944/20/#30-initial-measurement)

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## ASC 944-20-30: 30 Initial Measurement

[Read section](https://asc.understandingaccounting.org/asc/944/20/#30-initial-measurement)

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### Reinsurance Contracts

#### Multiple-Year Retrospectively Rated Contracts by Ceding and Assuming Entities

##### [944-20-30-1](https://asc.understandingaccounting.org/asc/944/20/#944-20-30-1)

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Paragraph [944-20-25-6](https://asc.understandingaccounting.org/asc/944/20/#944-20-25-6) states that if either party entering into a new contract in consideration for canceling a retrospectively rated contract would not have agreed to cancel the existing retrospectively rate contract unless a new contract were entered into, the two contracts are in effect the same contract for purposes of measuring assets and liabilities and shall be accounted for that way.