Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-17 - Rules and Regulations Covering the Sale, Issuance and Delivery of Both Individual and Group Variable Annuity Contracts and Variable Life Contracts
Section 0780-01-17-.10 - DISCLOSURE

Universal Citation: TN Comp Rules and Regs 0780-01-17-.10

Current through September 24, 2024

(1) The following information shall be furnished to an applicant for a contract of variable life insurance prior to execution of the application:

(a) A summary description of the insurance company and its principal activities.

(b) A summary explanation in non-technical terms of the principal variable features of the contract and of the manner in which any variable benefits reflect the investment experience of a separate account.

(c) A brief description of the investment policy for the separate account with respect to such contract.

(d) A list of investments in the separate account as of a date not earlier than the end of the last year for which an annual statement has been filed with the Commissioner of the state of domicile.

(e) Summary financial statements of the insurance company and such separate account based upon the last annual statement filed with such Commissioner, except that for a period of four months after the filing of any annual statement the summary required hereby may be based upon the annual statement, immediately preceding such last annual statement, filed with such Commissioner.

(f) The insurance company may include such additional information as it deems appropriate.

(2) Any disclosure document or prospectus required by and filed with the Securities and Exchange Commission under any applicable Federal act shall be deemed to comply with Paragraph (1) above to the extent such information is contained in the disclosure document or prospectus; provided that a copy of the disclosure document or prospectus must be delivered to an applicant for a contract of variable life insurance before execution of the application form.

(3) A copy of the statement containing the foregoing information shall be filed with such Commissioner prior to any use thereof and shall be subject to disapproval if found to be inaccurate or misleading.

Authority: T.C.A. § 56-3-508.

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