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.