Wiley GAAP for Governments 2019

21RISK FINANCING AND INSURANCE‐RELATED ACTIVITIES/PUBLIC ENTITY RISK POOLS

• Introduction
• Risk Financing and Insurance Activities of State and Local Governments (Other Than Public Entity Risk Pools)
  • Disclosure of Loss Contingencies
  • Risk Retention by Entities Other than Pools
  • Governmental Entities That Participate in Risk Pools
  • Entities Participating in Public Entity Risk Pools with Transfer or Pooling of Risk
  • Entities Participating in Public Entity Risk Pools without Transfer or Pooling of Risk
  • Other Matters for Entities Other than Public Entity Risk Pools
  • Insurance‐related transactions
  • Disclosure Requirements
• Accounting and Financial Reporting for Public Entity Risk Pools
  • What Is a Public Entity Risk Pool?
  • Specific Accounting and Financial Reporting Requirements
  • Disclosure Requirements and Required Supplementary Information
• Summary

INTRODUCTION

Governmental organizations are subject to many of the same risks of “doing business” as commercial enterprises, including risks related to various torts, property damage awards, personal injury cases, and so forth.

Governments are most often self‐insured for these types of risks. Sometimes the government establishes or participates in a public entity risk pool that acts somewhat like an insurer against various types of risks.

This chapter is divided into two main sections. The first addresses the accounting and financial reporting guidance for the risk financing and insurance‐related activities of state and local governments ...