The Commissioner shall disapprove any form filed under NRS 687B.120, or withdraw any previous approval thereof, only on one or more of the following grounds:
1. The form is in any respect in violation of or does not comply with this Code.
2. The form contains, or incorporates by reference where such incorporation is otherwise permissible, any inconsistent, ambiguous or misleading clauses, or exceptions and conditions which deceptively affect the risk purported to be assumed in the general coverage of the contract, or any provision or provisions prejudicial to the interest of the insured or policyholder.
3. The form has any title, heading or other indication of its provisions which is misleading, or is printed in such size of type or manner of reproduction as to be difficult to read.
4. As to an individual health insurance policy, if the benefits provided therein are unreasonable in relation to the premium charged, or if it contains any unjust, unfair, inequitable or prejudicial provision or provisions.
5. As to a life insurance or individual health insurance policy, if it contains a provision or provisions such as to encourage misrepresentation.