44-2209. Variable annuity contract; disapproval; when.
The Director of Insurance may disapprove any variable annuity contract, application or certificate issued pursuant to a group contract if it contains provisions which are contrary to law, unjust, unfair, inequitable, ambiguous or misleading, or which are likely to result in misrepresentation; or if the sales of such contracts are being solicited by any means of advertising, communication, or dissemination of information which involves misleading or inadequate descriptions of the provisions of the contract.
Source