What is the term for making false, maliciously critical or derogatory statements designed to harm another insurer?

The correct term for making false, maliciously critical, or derogatory statements intended to harm another insurer is defamation. Defamation in the insurance context can occur when one insurer spreads false information about another, leading to damage to the latter's reputation and business. This behavior is not only unethical but also legally actionable, as it undermines trust within the industry and can harm policyholders as well as the targeted insurer.

The other options provided focus on different aspects of insurance and ethical conduct. Misrepresentation refers to the act of providing false or misleading information about a policy or product, which can lead to misunderstandings or fraudulent activities but does not specifically pertain to harmful statements aimed at damaging another party's reputation. Steering involves directing clients towards a specific insurer or policy, which is not related to malicious statements. Refusal to honor direction would imply failing to comply with a client's request or instruction, which is also not about making harmful statements against others in the industry.

Understanding these distinctions is critical for insurance professionals, as they must navigate the regulations and ethical standards of their field carefully.