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.

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.

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.

The cessation of contributions to a pension scheme leading to the scheme being wound-up or becoming a frozen scheme.

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.

a term used to describe adjustments made to general business reserves so that they reflect the present value of the future contingent liabilities; such an adjustment may be made for accounting purposes, and may in certain circumstances be required for tax purposes where the reserves are initially calculated by reference to the likely ultimate cost of settlement after taking into account monetary inflation, and also the tendency for court awards for damages to increase by more than the rate of inflation; the adjustment is usually made by discounting the ultimate cost of settlement by reference to a suitable rate of interest, thus reflecting the time value of money.

Application to court by an insurer after a loss for the production of relevant ship’s documents. The order can be issued against the shipowner, a mortgagee, the insured in the case of cargo policy, insurers in the case of reinsurance, an agent who sues on behalf of his principal, an insured where the insurer seeks a return of money allegedly obtained by fraud, an assignee of policy proceeds and other interested parties.

UK: 1. Period within which a defalcation must be discovered and notified to the fidelity guarantee insurer. The customary six month period runs from the employee’s resignation, dismissal or retirement or three months from the expiry of the policy whichever occurs first. 2. See EXTENDED REPORTING PERIOD.
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The period of time, commonly one year, after the termination of a surety bond during which covered loss may be discovered, reported, and covered. Also refers to the optional extension of coverage that may be purchased by insureds under certain circumstances following expiration of the policy. If this coverage extension is purchased, claims made against insureds during the extension period are covered if the claims are for wrongful acts (for a D&ampO policy) occurring before the expiration of the original policy period. Depending upon the terms of the particular insurance policy, this optional extension of coverage may be available only if the insurance company cancels (other than for non-payment of premium) or refuses to renew the policy, or alternatively, may also be available if the insureds cancel or refuse to renew the policy. If the coverage extension is available under both of those situations, the extension is referred to as bilateral discovery or ERP. Coverage during this extension period is subject to the same limit of liability as applies to the original policy period.
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The time allowed to the insured after termination under certain bond and Policy provisions to discover a loss which occurred during the period by the contract and would have been recoverable had the contract continued in force. This period varies from six months to three years where a Company can fix the period of time to be allowed. It may be governed by statute and in certain bonds the period is indefinite because of statutory requirements.

ICTA 1988, s.591, allows occupational pension schemes to offer a wider range of benefits than those available under schemes entitled to mandatory approval under s.590. Discretionary approval permits enhanced pensions, higher accrual rates, higher life cover and enhanced retirement cash. IR Practice Note 12 sets out detailed rules.