No person shall make or disseminate orally or in any other manner any advertisement, information, matter, statement, or any other type of communication or expression:\n(1) Misrepresenting or exaggerating the terms of any policy or the benefits or advantages thereof or dividends or share of surplus to be received thereon, or setting forth false or misleading information or estimate as to dividends or share of surplus previously paid on similar policies.\n(2) Using any name or title of any policy or class of policies misrepresenting the true nature thereof.\n(3) Setting forth any misleading representation or any misrepresentation as to the financial condition of an insurer, or the volume of its business or as to the legal reserve system upon which any life insurer operates.\n(4) Misrepresenting or exaggerating the financial condition, volume of business, or advantages of doing business through a particular producer or agency.\n(5) Containing any assertion, representation, or statement with respect to the business of insurance or with respect to any person in the conduct of his insurance business, which is untrue, deceptive, or misleading.\n(6) Leading a person to believe that the with respect to the business of insurance or with respect to any person in the conduct of his insurance business, which is untrue, deceptive, or misleading.\n(6) Leading a person to believe that the insurance products offered by a financial institution, its subsidiaries or affiliates, that are obtained by any of them, are sponsored by the federal or state government.\n(7) Providing for the sale of an insurance product not authorized under this Code.\nHistory —Ins. Code § 27.040; Jan. 19, 2006, No. 10, § 9; renumbered as § 27.050 and amended on Aug. 9, 2008, No. 230, § 4, eff. 90 days after Aug. 9, 2008.
Puerto Rico Legal Code