§ 31-2231.03 — Misrepresentations and false advertising of insurance policies.

District of Columbia § 31-2231.03

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 22A: Unfair Insurance Trade Practices.

Text

No person shall make, issue, circulate, or cause to be made, issued or circulated, an estimate, illustration, circular or statement, sales presentation, omission, or comparison that:

(1) Misrepresents the benefits, advantages, conditions, or terms of a policy;

(2) Misrepresents the dividends or share of the surplus to be received on a policy;

(3) Makes a false or misleading statement as to the dividends or share of surplus previously paid on a policy;

(4) Is misleading or is a misrepresentation as to the financial condition of an insurer or as to the legal reserve system upon which a life insurer operates;

(5) Uses a name or title of a policy or class of policies misrepresenting the true nature thereof;

(6) Is a misrepresentation, including an intentional erroneous quotation of a premium rate for the purpose of inducing, or tending to induce, the purchase, lapse, forfeiture, exchange, conversion, or surrender of a policy;

(7) Is a misrepresentation for the purpose of effecting a pledge or assignment of, or effecting a loan against, a policy;

(8) Misrepresents a policy as being shares of stock; or

(9) Uses a name which deceptively infers or suggests that it is an insurer if it is not an insurer.

Legislative History

Apr. 3, 2001, D.C. Law 13-265, § 103, 48 DCR 1225