Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 41. Rules Governing Advertisement of Life Insurance and Annuities

14VAC5-41-100. Testimonials, appraisals, analyses, and endorsements.

A. A testimonial, appraisal, analysis, or endorsement used in an advertisement shall be genuine; represent the current opinion of the author; be applicable to the policy advertised, if any; and be accurately reproduced with sufficient completeness to avoid misleading or deceiving prospective insureds as to the nature or scope of the testimonial, appraisal, analysis, or endorsement. In using testimonials, appraisals, analyses, or endorsements the insurer or agent makes as its own all the statements contained therein, and these statements are subject to all provisions of this chapter.

B. If the individual making a testimonial, appraisal, analysis, or endorsement has a financial interest in the insurer or a related entity as a stockholder, director, officer, employee, or otherwise, that fact shall be clearly and prominently disclosed in the advertisement. If an individual receives any financial benefit directly or indirectly, greater than required union scale wages, that fact shall be clearly and prominently disclosed in the advertisement by language identical or substantially similar to the following: "THIS IS A PAID ENDORSEMENT."

C. An advertisement shall not state or imply that an insurer or a policy has been approved or endorsed by a group of individuals, society, association, or other organization unless that is the fact and unless any proprietary relationship between an organization and the insurer is disclosed. If the entity making the endorsement or testimonial is owned, controlled, or managed by the insurer or receives any payment or other consideration from the insurer for making the endorsement or testimonial, that fact shall be disclosed in the advertisement.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 27, Issue 14, eff. July 1, 2011.

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