The director may disapprove a policy or certificate form of an insurer whose purpose according to its articles of incorporation is restricted to transacting legal expense insurance and business reasonably related thereto if he or she finds that it: (1) Is unfair, unfairly discriminatory, misleading, or encourages misrepresentation or misunderstanding of the contract; (2) Provides coverage or benefits or contains other provisions that would endanger the solidity of the insurer; (3) Provides rates which are excessive, inadequate, or unfairly discriminatory; or (4) Is contrary to law.
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