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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.