TITLE 41

INSURANCE

CHAPTER 13

TRADE PRACTICES AND FRAUDS

41-1307.  Representations as to assets or financial condition — Assessment plan to be stated in advertising. (1) No insurer or representative thereof shall anywhere publish, represent or advertise assets except those actually owned and possessed by it in its own exclusive right, available for the payment of losses and claims, and held for the protection of its policy holders and creditors.

(2)  Every advertisement or public announcement, and every sign, circular or card issued by any insurer or representative thereof purporting to show its financial condition, shall correspond with or include the most recent verified financial statement of the insurer as filed with the director or with other appropriate governmental authority.

(3)  Every insurer transacting insurance in this state on the assessment plan under other express provisions of this code, shall have conspicuously printed in bold face type in every advertisement and advertising document published or used in this state the words "assessment plan"; and shall have the same information clearly conveyed in every advertisement disseminated by radio, television, or similar media.

History:

[41-1307, added 1961, ch. 330, sec. 285, p. 645.]