§ 1313. Contents of advertisements and other public announcements
concerning financial condition of insurers. (a) (1) Except as provided
in subsection (g) hereof or permitted by regulation, every advertisement
or other public announcement published, issued or distributed in this
state by any domestic or foreign insurer, a subsidiary thereof, a
holding company or controlled person as defined by section one thousand
five hundred one of this chapter, or by any agent of any of the
foregoing, purporting to make known the insurer's separate financial
condition, shall show the amount of its admitted assets, liabilities and
reserves required or permitted by law, and its surplus to policyholders,
and shall correspond with its last verified statement (annual or
quarterly, at its option) made to the superintendent. Such surplus to
policyholders shall show the amount of the insurer's paid up capital
stock, if any.

(2) The provisions of paragraph one hereof shall not apply to an
advertisement or other public announcement showing only the insurer's
capital paid up, or its surplus and capital, if any, separately or
combined, but such items shall not be in excess of the corresponding
items shown on the insurer's last verified statement (annual or
quarterly, at its option) made to the superintendent.

(b) (1) Every advertisement or other public announcement, published,
issued or distributed in this state by any alien insurer doing business
in this state, a subsidiary thereof, a holding company or controlled
person as defined by section one thousand five hundred one of this
chapter, or by any agent of any of the foregoing, purporting to make
known the separate financial condition of the insurer, shall show as
assets only its admitted assets held by its United States branch, its
liabilities and reserves required by law, and its surplus to
policyholders in the United States, and shall correspond with the
insurer's last verified statement (annual or quarterly, at its option)
made to the superintendent. Such surplus to policyholders shall show the
amount of the statutory deposit of such United States branch.

(2) Notwithstanding the provisions of paragraph one hereof, any
authorized life insurance company or fraternal benefit society organized
under the laws of Canada or any province thereof may use in its
advertising in this state a statement of its complete financial
condition, in addition to its statement of admitted assets and
liabilities in the United States, if a similar domestic insurer is
permitted by the laws of Canada or the provinces thereof in which it
does an insurance business to advertise therein its complete financial
condition on a corresponding basis.

(c) No statement of separate financial condition shall be published,
issued or distributed as provided in subsection (a) or (b) hereof unless
it or a footnote clearly shows the amount of securities, included in
admitted assets, which are pledged as collateral for any loan or
guaranty, or which are otherwise not available to pay losses and claims
or are not held to protect the insurer's policyholders or creditors.

(d) No insurer doing business in this state nor any subsidiary
thereof, or holding company or controlled person as defined in section
one thousand five hundred one of this chapter nor any agent of any of
the foregoing, shall in any advertisement or other public announcement
make any statement or communication to the effect that the insurer has,
or expects to have, reinsurance by any named assuming insurer not
authorized to do such reinsurance business in this state, or to the
effect that the insurer's policies are guaranteed wholly or partly by
any other person, insurer or institution.

(e) Nothing in this section shall apply to reports issued to
shareholders or government agencies or instrumentalities by a holding
company or controlled person as defined in section one thousand five
hundred one of this chapter or prohibit any supplemental reference
concerning an insurer's separate financial condition on the basis of
actual market values of its securities or the inclusion of supplemental
factual information with respect to the separate financial condition of
such insurer in a report issued by such insurer to its shareholders or
policyholders.

(f) Advertisements and other public announcements directed primarily
at calling the attention of policyholders or prospective policyholders
to an insurer and containing a statement of the separate financial
condition of the holding company system shall also contain a statement
of the separate financial condition of the insurer which shall comply
with this section.

(g) Consolidated financial statements of an authorized insurer and any
of its subsidiaries may be used only to the extent authorized by the
superintendent or required by any government agency or instrumentality.