The director shall disapprove a form filed under AS 21.42.120 or withdraw a previous approval of the form only if the form
(1) is in any respect in violation of or does not comply with this title;
(2) contains or incorporates by reference, where incorporation is permissible, an inconsistent, ambiguous, or misleading clause, or exception and condition that deceptively affects the risk purported to be assumed in the general coverage of the contract;
(3) has a title, heading, or other indication of its provisions that is misleading;
(4) is printed or otherwise reproduced in a manner that renders a provision of the form substantially illegible;
(5) provides benefits for Medicare supplement insurance that are unreasonable in relation to the premium charged.
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