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"There is no gasket, steel or otherwise between the downpipe & the CAT."
I recently recently replaced OE Front pipes on a '92 and a '93 940s. Both had the "bell mouth" junction at the cat. The pic below shows a NAPA version of the sealing ring aka "donut gasket" and replacement Spin Flanges.

The part # is 1266118 $6.85 SEALING RING at http://www.tascavolvoparts.com//index.d0. FCP Groton gets $3.99 for aftermarket version (1991-1995).
The turbo pricier turbo version is PN 1306852 at Tasca.
The pic below is the metal sealing ring from FCP's site

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Bruce Young, '93 940-NA (current), 240s (one V8), 140s, 122s, since '63.
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