No person shall make, issue, circulate, or cause to be made, issued, or circulated any estimate, illustration, circular, sales presentation, omission, comparison, or statement which:
- (1) misrepresents the benefits, advantages, conditions, or terms of any insurance policy;
- (2) misrepresents the dividends or share of the surplus to be received on any insurance policy;
- (3) makes any false or misleading statement as to the dividends or share of surplus previously paid on any insurance policy;
- (4) is misleading or is a misrepresentation as to the financial condition of any person or as to the legal reserve system upon which any life insurer operates;
- (5) uses any name or title of any insurance policy or class of insurance policies misrepresenting the true nature thereof;
- (6) is a misrepresentation for the purpose of effecting a pledge or assignment of or effecting a loan against any insurance policy; or
- (7) misrepresents any insurance policy as being shares of stock.
History: En. Sec. 205, Ch. 286, L. 1959; R.C.M. 1947, 40-3503; amd. Sec. 1, Ch. 9, L. 1979.