The department may disapprove the use of any true or fictitious name, other than the bona fide natural name of an individual, by any insurance agency or adjusting firm on any of the following grounds:
(1) The name interferes with or is too similar to a name already filed and in use by another agency, adjusting firm, or insurer.
(2) The use of the name may mislead the public in any respect.
(3) The name states or implies that the agency or adjusting firm is an insurer, motor club, hospital service plan, state or federal agency, charitable organization, or entity that primarily provides advice and counsel rather than sells or solicits insurance, settles claims, or is entitled to engage in insurance activities not permitted under licenses held or applied for. This provision does not prohibit the use of the word “state” or “states” in the name of the agency. The use of the word “state” or “states” in the name of an agency or adjusting firm does not in and of itself imply that the agency or adjusting firm is a state agency.
(4) The name contains the word “Medicare” or “Medicaid.”