Misrepresentation of Property Values

Article 5.21, Insurance Code

Article 5.21 of the Insurance Code, entitled "False or Misleading Information", forbids any person or organization from knowingly giving false or misleading information to TDI, any insurer, or to any rating organization, which will in any manner affect the proper determination of rates or premiums.

In addition, the law says:

"An insurer or agent who knowingly misrepresents the actual or replacement value of real or personal property for the purpose of achieving an unfair competitive rate advantage commits an offense."