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Disclosure

UK: 1. Requirement under PA93 and PA95 to disclose information about pension schemes to interested parties. The principal regulations are the Occupational Pension Schemes (Disclosure of Information) Regulations 1996. 2. FSA rules that require an exempt professional firm, before it provides a service that includes carrying on a regulated activity, to disclose in writing to the client that it is not authorised under FSMA. 3. The FSA obliges life insurers to advise individual policyholders that they may purchase their annuity from a different life office via the open market option. Also life policyholders requesting surrender values must be told that they may be able to sell their policy (see TRADED ENDOWMENT POLICIES), 4. FSA disclosure rules concern charges, remuneration and commission (Conduct of Business Rule 5.7). They oblige advisers to make consumers buying retail investment products (e.g. life insurance) aware of their status, the scope of their advice, a clear explanation of the costs of the products so that easy comparisons can be made and nection the advisers may have to the providers. An initial disclosure document must be given at the initial point of contact and a repeat disclosure document when a product is recommended. Independent advisers have to offer the option of payment by fee rather than just commission. See UTMOST GOOD FAITH; STATUS DISCLOSURE; PRODUCT DISCLOSURE; DISCLOSURE OF BASIS OF ADVICE.
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A stage in legal proceedings at which the parties to a suit must disclose to each other documents in their respective possession.
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MEDICAL,USA: Release or divulgence of information by an entity to persons or organizations outside of that entity.
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The duty of an applicant and his broker to tell the underwriter every material circumstance before acceptance of risk.

Disclosure Authorization

A form authorizing the disclosure of personal information obtained in connection with an insurance transaction. Insurers are required to give applicants advance notice of their information practices. Among other things, the form must state the kind of information collected and to whom information may be disclosed.

Disclosure history

Under the Health Insurance Portability and Accountability Act (HIPAA), a log that lists the individuals and companies that have received personal health information (PHI) for use that is unrelated to treatment and payment. Items to be documented must include date of disclosure, name of entity that received the PHI, brief description of the PHI disclosed, and brief statement of the purpose of the disclosure.

Disclosure of basis of advice

The ICOB requirement that during the sales process an intermediary must disclose whether he advised, or provided information, on an insurance contract on the basis of: a fair analysis of the market; a selection from a limited number of insurers; or products from a single insurer. A ‘fair market analysis’ requires the intermediary to analyse a sufficiently large number of insurance contracts in the relevant market sector to allow it to give advice or information that is ‘adequate’ to meet the customer’s needs. Third party intermediaries must comply whether selling to retail or commercial customers (large risks excepted), but insurers only have to comply with this disclosure if selling to retail customers. See also ADVISING AND SELLING STANDARDS.

Disclosure of interests

The manager and executives of a Lloyd’s underwriting agency, which provides recruitment and administration services for a syndicate, must disclose their interests in the insurance transactions of the syndicate in the annual report. A similar disclosure is also required of members’ agents.

Discontinued products

A product that is no longer in production. In products liability insurance such products need to be identified and brought within the business description to ensure that the ‘run-off’ risk is covered as the policy is ‘losses-occurring’. The time of damage triggers the right to an indemnity not the date of manufacture or supply.

Discount

1. Reduction of a normal charge based on a specific amount of money or a percentage of the charge. 2. In a managed care plan’s contract with a provider, the discount is the percentage deducted during settlement of the claim from the allowed amount.
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Discount is a reduction in premium in respect of some favorable features of the risk, e.g., discount for Fire extinguishing appliances or for freedom from claims, and where customary, as in marine Insurance, originating from a reward for prompt payment of premium.