An insurer is required to disclose your name in all ads that belong to it or its products. For life products, the insurer must disclose the policy number if a specific product is advertised. This also applies to health insurance announcements that are considered an “invitation to hire”. Even if all the information in an ad is true, the ad may be considered misleading or misleading if it omits any information needed to present a “full picture”.
A website) of a company that is not licensed, even if it leads the consumer to, or is linked to a website where the insurance application is made, provided that the advertisement or publication does not include recommendations, endorsements or promotions from the unlicensed website owner regarding insurance products or services. State insurance regulators enforce these advertising regulations to the same extent, no matter where the ad appears. The use of protection granted by this chapter, other than as provided in this section, by any person in the sale, marketing or advertising of insurance constitutes unfair methods of competition and unfair or deceptive acts or practices under chapter 29 of this title and is subject to the sanctions imposed in that chapter. The distribution, delivery, content or interpretation of this document does not guarantee that the policy or contract or the owner of the policy or contract will be covered in the event of deterioration or insolvency of a member insurer.
Any statement in an ad must be supported by evidence and must be clearly defined by way of a disclaimer, which can be added via a footnote. Some types of insurance, such as life insurance and annuity contracts, Medicare supplement insurance and long-term care insurance, are subject to particularly prescriptive controls, in addition to the principles summarized below. The notice required by subdivision 8 is not a violation of this subdivision nor is it a violation of this subdivision to verbally explain to an applicant or potential applicant the coverage provided by the Minnesota Life and Health Insurance Guarantee Association at any time during the application process or thereafter. In particular, state regulators will assess the overall impression that the ad is reasonably expected to create on a person of average education or intelligence, within the segment of the audience it targets, taking into account the level of education, race and primary language.
At the expiration of the 60th day after the date the commissioner approves the document, an insurer cannot deliver a policy or contract described in paragraph (b) of subdivision (b) of Section 1067, 02 to a policyholder or contract, unless the summary document is delivered to the policy or contract. owner at the time of delivery of the policy or contract. While many of these general principles apply primarily to life and health advertising, it is good practice to self-impose them also on property and accident advertising materials. The following is a set of key general principles of “best practices” for all actors in the insurance sector: (e).
For example, an insurer's advertisement cannot be misleading when advertising a policy compared to a competitor's policy in which the conditions of the competition are substantially different. Advertising materials are regulated so that insurers protect the public from fraudulent claims or implicit incentives, comply with state laws, and include appropriate disclosures. Each state has extensive laws and guidelines for every aspect of insurance sales, fee making, underwriting, licensing agents, and paying claims. All advertisements, including those that are online, are subject to unfair or deceptive business practices laws, which prohibit the dissemination of misleading or misleading information to the public.