A. No insurer shall be authorized to transact insurance in this state which has or uses a name so similar to that of any insurer already so authorized as to cause uncertainty or confusion. In case of conflict of names between two insurers the director may permit or require the newly authorized insurer to use in this state such supplementation or modification of its name as may reasonably be necessary to avoid such conflict.
B. No insurer shall be authorized to transact insurance in this state which has or uses a name which tends to deceive or mislead as to the type of organization of the insurer.