29.1531 Grounds for disapproval of policy forms.

Cite as [A.S.C.A. § 29.1531]

The Commissioner shall disapprove any form requiring his approval:

(1) if he finds it does not comply with the law;

(2) if he finds it contains any provisions, including statement of premium, or has any label, description of its contents, title, heading, backing or other indication of its provisions, which is unintelligible, uncertain, ambiguous or abstruse, or likely to mislead a person to whom the policy is offered, delivered or issued;

(3) if, in his judgment, its use would be prejudicial to the interests of the insurer’s policy-holders;

(4) if he finds it contains provisions which are unjust, unfair, or inequitable;

(5) if he finds sales presentation material disapproved by him is being used with respect to the form; or

(6) if, with respect to forms subject to approval, he finds the benefits provided therein are not reasonable in relation to the premium charged.

History: 1974, PL 13-58 § 1.