§ 27-4-5 - Misrepresentation as to policies – Penalty – Revocation of license.
SECTION 27-4-5
§ 27-4-5 Misrepresentation as to policies– Penalty – Revocation of license. – No life insurance corporation doing business in this state, and no officer,director, or agent of that corporation, shall issue or circulate, or cause orpermit to be issued or circulated, any estimate, illustration, circular, orstatement of any sort misrepresenting the terms of any policy issued by it, orthe benefits or advantages promised by it; nor shall any corporation or agentof the corporation orally or in writing make any misrepresentation orincomplete comparisons regarding the cost or terms or conditions or benefitscontained in any policy or contract of insurance to any person insured in anyother corporation, for the purpose of inducing or tending to induce that personto lapse, forfeit, or surrender his or her insurance in any other corporation.The director of business regulation is empowered to revoke the license of thecorporation or insurance producer violating these provisions or access whateverpenalty is appropriate in accordance with § 42-14-16 in accordance withthe Administrative Procedures Act, chapter 35 of title 42; the license is notto be reinstated until at least three (3) years have elapsed since the date ofrevocation, but the license may be renewed after a shorter period afterrevocation, at the discretion of the director of business regulation.