Under the Insurance Act 2015, what must a company disclose when seeking an insurance contract?

The requirement for a company to disclose information under the Insurance Act 2015 emphasizes the importance of transparency and the duty of fair presentation. When seeking an insurance contract, the insured must disclose anything known by their senior management that is material to the risk being insured. This obligation extends beyond just financial information or specific details such as claims history or existing contracts with other insurers.

The rationale behind this is that senior management typically has a comprehensive understanding of the company’s operations, risks, and significant issues, which could potentially influence an insurer's decision-making process. By ensuring that all material facts known to senior management are disclosed, the insured fulfills their duty to provide a clear picture to the insurer, thus allowing for an informed assessment of risks and appropriate underwriting of the insurance policy.

This comprehensive disclosure not only protects the interests of the insurer but also avoids potential disputes or the possibility of claims being denied due to non-disclosure at a later stage.