Rule 20:06:10:05 Advertisements or solicitations of benefits payable, losses covered, or premiums payable.
or solicitations of benefits payable, losses covered, or premiums payable.
No health or life insurance advertisement or solicitation may omit information
or use words, phrases, statements, references, or illustrations if the omission
of such information or use of such words, phrases, statements, references, or
illustrations misleads or deceives or tends to mislead or deceive purchasers or
prospective purchasers as to the nature or extent of a policy benefit payable,
loss covered, or premium payable. The fact that the policy offered is made
available to a prospective insurer for inspection prior to consummation of the
sale or that an offer is made to refund the premium if the purchaser is not
satisfied does not remedy omissions or deceptive or misleading statements.
An advertisement or solicitation of a
direct response health or life insurance product may not imply that because
"no insurance agent will call and no commissions will be paid to
agents," it is "a low cost plan" or use similar words or
4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1,
1986; 15 SDR 143, effective March 29, 1989; 27 SDR 54, effective December 4,
2000; 38 SDR 116, effective January 10, 2012.
Authority: SDCL 58-33A-7.
Implemented: SDCL 58-33-5, 58-33-6, 58-33-7, 58-33A-8, 58-33A-10.
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