No person may make, issue, circulate, or cause to be made, issued, or circulated any estimate, proposal, circular, or statement misrepresenting the terms of a policy issued or to be issued or the benefits or advantages represented thereby or the dividends or share of the surplus to be received thereon, or make a false or misleading statement as to the dividend or share of surplus previously paid on similar policies or make a misrepresentation as to the financial condition of an insurer or as to the legal reserve system upon which an insurer operates or use any name or title of a policy or class of policies misrepresenting the true nature thereof.
S.C. Code Ann. § 38-57-40
Misrepresentation or false advertising of policies prohibited
Applied in 1 court decision — leading case 927 F. Supp. 2d 870 - Negrete v. Allianz Life Insurance Co. of North America (2013)
Most recently applied in 927 F. Supp. 2d 870 - Negrete v. Allianz Life Insurance Co. of North America (March 2013)
Former 1976 Code SECTION 38-57-40 [1947 (45) 322; 1952 Code SECTION 37-1154; 1962 Code SECTION 37-1154; 1978 Act No. 585, SECTION 4] recodified as SECTION 23-9-340 by 1987 Act N…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.