Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-19 - Rules and Regulations Governing the Correlated Sales of Life Insurance Policies and Mutual Funds or Other Securities Issued Pursuant to the Authority Vested in the Commissioner of Insurance by T.C.A. Section 56-3-406
Section 0780-01-19-.01 - APPLICABILITY
Universal Citation: TN Comp Rules and Regs 0780-01-19-.01
Current through September 24, 2024
(1) This Rule shall apply:
(a) to acts and practices in the advertising,
promotion, solicitation, negotiation of or effecting the sale of
1. life insurance policies (which term shall
include annuity contracts for purpose of this Rule) in correlation with the
sale of shares of a mutual fund or other security, except a variable annuity
contract within the meaning of Chapter 0780-1-17.
2. contracts which contemplate the purchase
of a life insurance policy in correlation with the sale of shares of a mutual
fund or other security, except a variable annuity contract within the meaning
of Chapter 07801-17.
(b)
to any acts and practices, whether they involve the use of language
disseminated by means of sales kits, policy jackets or covers, letters,
personal presentations, visual aids and other sales media in connection with
the solicitation, sale, servicing or collection of premiums for life insurance
policies in correlation with a mutual fund or other security engaged in by any
insurance company, agent, or other person engaged in such correlated
sales.
(2) As used in this Rule, in referring to sales of insurance policies and mutual fund shares, or other securities, the terms "correlated sales" or "sales in correlation with" shall include, but not be limited to, the following:
(a) sales of life insurance policies and
mutual fund shares or other securities as part of an integrated plan;
(b) sales in which both life insurance
policies and mutual fund shares or other securities are offered as part of the
same investment program;
(c) sales
programs in which both life insurance policies and mutual fund shares or other
securities are discussed and their purchase solicited during the same
interview.
(3) As used in this Rule, "security" shall have the same meaning as set forth in Section 48-1602(G), Tennessee Code Annotated, and shall mean, in addition, participation in common trust funds of any financial institution.
Authority: T.C.A. § 56-3-306.
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