Section 59A-16-4 - Misrepresentation, false advertising of policiesNo 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. Laws 1984, ch. 127, § 272.