Ins 2.16(4)(4)Application of this section.
Ins 2.16(4)(a)(a) The commissioner shall construe this section in a manner which does not unduly restrict, inhibit or retard the promotion, sale and expansion of life insurance policies or annuity contracts. The commissioner shall consider differences in the purposes served by various advertisements and in the insurance product being advertised when interpreting this section. When applying this section to a specific advertisement, the commissioner shall consider the detail, character, purpose, use and entire content of the advertisement.
Ins 2.16(4)(b)(b) The extent to which a person subject to this section shall disclose policy provisions in an advertisement will depend on the content, detail, character, purpose and use of the advertisement and the nature of any qualifications involved. The principal criterion is whether the advertisement has the capacity or tendency to mislead or deceive if such a provision is not disclosed.
Ins 2.16(4)(c)(c) The commissioner shall determine whether an advertisement has the capacity or tendency to mislead or deceive from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed.
Ins 2.16(5)(5)Advertisements, representations, and solicitations in general.
Ins 2.16(5)(a)(a) Advertisements, representations, and solicitations shall be truthful and not misleading in fact or in implication and shall accurately describe the policy, the insurance business, any insurer, or any intermediary to which they apply. No advertisement may contain words or phrases the meaning of which is clear only by implication or by familiarity with insurance terminology.
Ins 2.16(5)(b)(b) Oral representations and solicitations shall conform to the requirements of this section.
Ins 2.16(6)(6)Suitability of policies. No insurer or intermediary may recommend to a prospective buyer the purchase or replacement of any individual life insurance policy or annuity contract without reasonable grounds to believe that the recommendation is not unsuitable to the applicant. The insurer or intermediary shall make all necessary inquiries under the circumstances to determine that the purchase of the insurance is not unsuitable for the prospective buyer. This subsection does not apply to an individual policy issued on a group basis.
Ins 2.16(7)(7)Deceptive words, phrases or illustrations.
Ins 2.16(7)(a)(a) No person subject to this section may use an advertisement that exaggerates a benefit or minimizes cost by overstatement, understatement or incompleteness. No advertisement may omit information or contain words, phrases, statements, references or illustrations if the omission or use has the capacity, tendency, or effect of misleading or deceiving purchasers or prospective purchasers as to the nature or extent of any policy benefit payable, loss covered, premium payable or state or federal tax consequences. An advertisement referring to any policy benefit payable, loss covered, premium payable, or state or federal tax consequences shall be sufficiently complete and clear as to avoid deception or the capacity or tendency to mislead or deceive.
Ins 2.16(7)(b)(b) No advertisement may state or imply that life insurance arrangements are the same as savings accounts or deposits in banking or savings institutions. No person subject to this section may use policies which resemble savings bank passbooks. If savings accounts or deposits in banking and savings institutions are utilized in connection with life insurance arrangements, this paragraph does not prohibit the use of an accurate description of the life insurance arrangement.
Ins 2.16 NoteNote: Annuity contracts are subject to the same limitations under s. Ins 2.15 (9) (h).
Ins 2.16(7)(c)(c) No advertisement may contain the terms “investment,” “investment plan,” “founder’s plan,” “charter plan,” “deposit,” “expansion plan,” “profit,” “profits,” “profit sharing,” “interest plan,” “savings,” “savings plan,” or other similar terms in connection with a policy in a context or under circumstances or conditions as to have the capacity or tendency to mislead a purchaser or prospective purchaser of the policy to believe that he or she will receive, or that it is possible that he or she will receive, something other than a policy or some benefit not available to other persons of the same class and equal expectation of life.
Ins 2.16(7)(d)(d) An advertisement may refer to immediate coverage or guaranteed issuance of a policy only if suitable administrative procedures exist so that the policy is issued within a reasonable time after the application is received.
Ins 2.16(7)(e)(e) No advertisement may refer to a policy or coverage as“special” unless a person subject to this section can show that a reasonable basis exists for the use of this term.
Ins 2.16(8)(8)Identity of insurer.
Ins 2.16(8)(a)(a) Each advertisement shall clearly identify the insurer. If an application is a part of the advertisement, the application shall show the name of the insurer.
Ins 2.16(8)(b)(b) No advertisement may contain a trade name, an insurance group designation, the name of the parent company of the insurer, the name of a government agency or program, the name of a department or division of an insurer, the name of an agency, the name of any other organization, a service mark, a slogan, a symbol or any other device which has the capacity or tendency to mislead or deceive as to the identity of the insurer or create the impression that an entity other than the insurer has any responsibility for the financial obligation under any policy.
Ins 2.16(8)(c)(c) No advertisement may contain any combination of words, symbols or materials which, by its content, phraseology, shape, color, nature or other characteristics, is so similar to combinations of words, symbols or materials used by federal, state or local government agencies that it tends to confuse or mislead prospective buyers into believing that the solicitation is in some manner connected with such a government agency.
Ins 2.16(8)(d)(d) No advertisement may refer to an affiliate of the insurer without disclosing that the 2 organizations are separate legal entities.
Ins 2.16(8)(e)(e) No advertisement may indicate an address for an insurer in any manner that may mislead or deceive as to the insurer’s identity or licensing status. An advertisement which indicates an address for an insurer other than that of its home office shall clearly identify the address other than that of its home office and clearly disclose the actual city and state of domicile of the insurer.
Ins 2.16(9)(9)Testimonials, endorsements, appraisals, analysis or commendations by third parties.
Ins 2.16(9)(a)(a) No advertisement may contain a testimonial, endorsement or other commendatory statement concerning the insurer, its policies or activities by any person who receives any pay or remuneration, directly or indirectly, from the insurer in connection with the testimonial, endorsement or statement unless the advertisement, testimonial or endorsement includes a full and prominent disclosure therein of the relationship, direct or indirect, including but not limited to the existence of any financial interest, remuneration, or both, between the insurer and the person making the testimonial, endorsement or statement. The provisions of this paragraph do not apply to any person holding a Wisconsin intermediary’s license nor to any radio or television announcer or other person employed or compensated on a salaried or union wage scale basis.
Ins 2.16(9)(b)(b) A testimonial, endorsement, appraisal, or analysis used in an advertisement shall be genuine, represent the current opinion of the author, apply to the policy advertised and be accurately reproduced.
Ins 2.16(9)(c)(c) No person subject to this section may use a testimonial, endorsement, appraisal or analysis:
Ins 2.16(9)(c)1.1. Which is fictional;
Ins 2.16(9)(c)2.2. If the insurer has information indicating a substantial change of view on the part of the author;
Ins 2.16(9)(c)3.3. If a reasonable person would conclude that the views expressed do not correctly reflect the current opinion of the author;
Ins 2.16(9)(c)4.4. For more than 2 years after the date on which it was originally given or 2 years after the date of a prior confirmation without obtaining a confirmation that the statement represents the author’s current opinion;