99. Advertisements

Advertisements issued by insurers, insurance agents, and brokers shall not contain any information or material which is false, incorrect or is likely to mislead the public.

The Board shall have the power to issue directions to any person or body of persons referred to in subsection (1) in respect of any advertisement containing information or material which is false, incorrect or misleading, and it shall be the duty of such person or body or persons to amend such advertisement in accordance with directions issued.

Notwithstanding the provisions of subsection (1), it shall be the duty of every insurer, insurance agent and broker, to indicate after its name in every advertisement, letter head, name board, brochure and other publications issued by them, whether it is an insurer, insurance agent or broker as the case may be.

For the purpose of this section, “advertisement” means a document inviting persons to enter into or to offer to enter into contracts of insurance and includes any document which contains information calculated to lead directly or indirectly to persons entering into or offering to enter into such contracts.