Section 541.061 - Misrepresentation of Insurance Policy It is an unfair method of competition or an unfair or deceptive act or practice in the business of insurance to misrepresent an insurance policy by:
(1) making an untrue statement of material fact;(2) failing to state a material fact necessary to make other statements made not misleading, considering the circumstances under which the statements were made;(3) making a statement in a manner that would mislead a reasonably prudent person to a false conclusion of a material fact;(4) making a material misstatement of law; or(5) failing to disclose a matter required by law to be disclosed, including failing to make a disclosure in accordance with another provision of this code.Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. 4/1/2005.