Under the Insurance Act 2015, what must a company disclose when applying for insurance?

When a company applies for insurance under the Insurance Act 2015, it is required to disclose all relevant information known by the senior management. This obligation serves to ensure that the insurer has a comprehensive understanding of the risks associated with insuring the company. The emphasis is on "relevant information," which encompasses anything that could influence the insurer's assessment of risk and ultimately impact the decision to provide coverage, as well as the terms and conditions of that coverage.

Senior management is expected to gather all pertinent details that are not only significant to the insurer but also those that could potentially affect the underwriting process. This requirement underscores the importance of transparency and accountability within the organization when it comes to presenting a true picture of the risk being insured.

In contrast, the other options do not capture the comprehensive nature of the disclosure duty expected under the Act. For instance, disclosing only what is known to the public or what may diminish the risk does not fulfill the obligation to keep insurers fully informed of all relevant information. Additionally, any information that has been waived by the insurer would not need to be disclosed, further highlighting the necessity for a broader view of relevant information from senior management rather than limiting it to specific types of information.