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Alaska Statutes (Last Updated: January 11, 2017) |
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Title 21. INSURANCE. |
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Chapter 21.36. TRADE PRACTICES AND FRAUDS. |
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Article 21.36.03. FINANCIAL INSTITUTIONS; LOANS; CREDIT. |
Section 21.36.321. Misrepresentation in financial institution sales.
Latest version.
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In the sale of insurance by a financial institution, a person may not engage in any practice or use an advertisement that may tend to mislead or deceive a consumer or cause a consumer to erroneously believe that
(1) the insurance is backed by or a return on the insurance is guaranteed by the state, the federal government, the person, or the Federal Deposit Insurance Corporation;
(2) the state or federal government
(A) will pay a claim under an insurance contract that is an obligation of or was sold by the person;
(B) is responsible for the insurance sales activities of the person; or
(C) guarantees the credit of the person;
(3) for insurance that contains investment risk, the insurance does not contain investment risk, the principal may not be lost, or the value of the insurance may not decline;
(4) the lending of money, extension of credit, or a renewal of a loan is conditioned on the purchase of insurance from the person and that insurance may not be purchased from another source.