# ASC 944-20-50: Financial Services—Insurance — Insurance Activities — 50 Disclosure

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/944/20/#50-disclosure)

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## ASC 944-20-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/944/20/#50-disclosure)

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### Long-Duration Contracts

#### Limited-Payment and Universal Life-Type Contracts

##### [944-20-50-1](https://asc.understandingaccounting.org/asc/944/20/#944-20-50-1)

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For financial statement disclosures about limited-payment and universal life-type contracts, see paragraphs

[944-605-50-1 through 50-2](https://asc.understandingaccounting.org/asc/605/944/#605-944-50-1)

.

#### Certain Participating Life Insurance Contracts

##### [944-20-50-2](https://asc.understandingaccounting.org/asc/944/20/#944-20-50-2)

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Disclosure of the specific accounting policy applied to participating life insurance contracts that meet the criteria in paragraph [944-20-15-3](https://asc.understandingaccounting.org/asc/944/20/#944-20-15-3) shall be made in accordance with Section 235-10-50.

### Reinsurance Contracts

##### [944-20-50-3](https://asc.understandingaccounting.org/asc/944/20/#944-20-50-3)

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All insurance entities shall disclose the nature, purpose, and effect of ceded [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.") transactions on the insurance entity's operations.

##### [944-20-50-4](https://asc.understandingaccounting.org/asc/944/20/#944-20-50-4)

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Ceding entities also shall disclose the fact that the insurer is not relieved of its primary obligation to the policyholder in a reinsurance transaction.

##### [944-20-50-5](https://asc.understandingaccounting.org/asc/944/20/#944-20-50-5)

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Paragraph [944-310-45-6](https://asc.understandingaccounting.org/asc/310/944/#310-944-45-6) states that, although amounts recoverable on unasserted claims shall be reported as [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."), details of the amounts comprising reinsurance recoverables may be presented separately.

##### [944-20-50-6](https://asc.understandingaccounting.org/asc/944/20/#944-20-50-6)

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Separate presentation or disclosure of servicing carrier activity is not precluded.

### Financial Guarantee Insurance Contracts

##### [944-20-50-7](https://asc.understandingaccounting.org/asc/944/20/#944-20-50-7)

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An insurance entity shall disclose information that enables users of its financial statements to understand the factors affecting the present and future recognition and measurement of financial guarantee insurance contracts.