59A-16-4: Misrepresentation, false advertising of policies.

No person shall make, publish, issue or circulate any estimate, illustration, circular, statement, sales presentation or comparison which:

A. misrepresents the benefits, advantages, conditions or terms of any policy;

B. misrepresents the premium overcharge commonly called dividends or share of the surplus to be received on any policy;

C. makes any false or misleading statement as to dividends or share of surplus previously paid on any policy;

D. is misleading or a misrepresentation as to the financial condition of any person, or as to the reserve system upon which any life insurer operates;

E. uses any name or title of any policy or class of policies misrepresenting the true nature thereof;

F. misrepresents any policy as being shares of stock; or

G. fails to disclose material facts reasonably necessary to prevent other statements made from being misleading.