(1) An advertisement shall not be used by a registered insurer which, directly or by implication, has the capacity or tendency to mislead or deceive prospective policy holders with respect to an insurer's assets, corporate structure, financial standing or relative position in the insurance business or in any other material respect.
(2) In this section and in section 164—
“advertisement” includes every form of advertising whether in the form of a publication or by the display of notices or by means of circulars or other documents or by an exhibition of photographs or cinematographic films or by way of electronic broadcasting or by any other means.