Advertising by life settlement broker or provider
[Text of section applicable as provided by 2012, 434, Sec. 4.]
Section 219. (a) A licensed life settlement broker or life settlement provider may conduct or participate in advertisements. The advertisements shall comply with all advertising laws or rules and regulations promulgated by the commissioner that are applicable to insurers, life insurance producers, brokers and providers.
(b) Advertisements shall be accurate, truthful and not misleading in fact or by implication.
(c) No person in the business of insurance or the business of life settlements shall:
(1) directly or indirectly market, advertise or solicit the purchase of a new policy for the purpose of or with a significant emphasis on settling the policy;
(2) use the words “free” or “no cost” or words of similar import in marketing, advertising, soliciting or otherwise promoting the purchase of a policy; or
(3) with respect to a life settlement provider, enter into a life settlement contract unless the related advertisements, as may be prescribed by regulation, have been filed with the commissioner.
(d) Prior to publication, the commissioner may require the submission of advertising material.
(e) The commissioner shall require delivery of a buyer’s guide or a similar consumer advisory package in the form prescribed by the commissioner to owners during the solicitation process.