It is an unfair method of competition or an unfair or deceptive act or practice in the business of insurance to misrepresent an insurance policy by:

1. (1) making an untrue statement of material fact;
2. (2) failing to state a material fact necessary to make other statements made not misleading, considering the circumstances under which the statements were made;
3. (3) making a statement in a manner that would mislead a reasonably prudent person to a false conclusion of a material fact;
4. (4) making a material misstatement of law; or
5. (5) failing to disclose a matter required by law to be disclosed, including failing to make a disclosure in accordance with another provision of this code.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.