(a) No person shall make or issue, or cause to be made or issued, any written or oral statements misrepresenting or making incomplete comparisons regarding the terms or conditions or benefits contained in any policy or contract of insurance for the purpose of inducing or attempting to induce the owner of the policy or contract of insurance to forfeit or surrender the policy or contract or to allow it to lapse for the purpose of replacing the policy or contract with another.

(b)

(1) No person shall misrepresent the benefits, advantages, conditions, or terms of a medicare supplement insurance policy, certificate, or contract of insurance, nor make or issue or cause to be made or issued, any written or oral statement misrepresenting the terms or conditions or benefits contained in any medicare supplement policy, certificate, or contract of insurance for the purpose of inducing or attempting to induce any individual to purchase coverage under the medicare supplement policy, certificate, or contract of insurance.

(2) No person shall make or issue, or cause to be made or issued, any written or oral statements misrepresenting or making incomplete comparisons regarding the terms or conditions or benefits contained in any medicare supplement insurance policy or certificate or contract of insurance for the purpose of inducing or attempting to induce the insured of the policy or certificate or contract of insurance to forfeit or surrender the policy or certificate or contract or to allow it to lapse for the purpose of replacing the policy or certificate or contract with another.

(3) Any person who violates this subsection shall upon conviction be guilty of a Class D felony and shall be punished by a fine of not more than ten thousand dollars ($10,000) or imprisonment in the state penitentiary for not more than six (6) years, or by both fine and imprisonment.