Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-24 - Replacement of Life Insurance Policies
Section 0780-01-24-.01 - PURPOSE
Universal Citation: TN Comp Rules and Regs 0780-01-24-.01
Current through September 24, 2024
The purpose of this rule is:
(1) To regulate the activities of insurers and agents with respect to the replacement of existing life insurance.
(2) To protect the interests of life insurance purchasers by establishing minimum standards of conduct to be observed in replacement transactions by:
(a) Assuring that purchasers receive
information with which a decision can be made in his or her own best
interest;
(b) Reducing the
opportunity for misrepresentation and incomplete disclosures; and
(c) Establishing penalties for failure to
comply with requirements of this rule.
Authority: T.C.A. §§ 56-1-701, 56-2-301, 56-6-127 and 56-8-104.
Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
