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-.05 - DUTIES OF AGENTS

Universal Citation: TN Comp Rules and Regs 0780-01-24-.05

Current through September 24, 2024

(1) Each agent who initiates the application shall submit to the insurer to which an application for life insurance is presented, with or as part of each application:

(a) A statement signed by the applicant as to whether or not replacement of existing life insurance is involved in the transaction; and

(b) A signed statement as to whether or not the agent knows replacement is or may be involved in the transaction.

(2) Where a replacement is involved, the agent shall:

(a) Present to the applicant, not later than at the time of taking the application, a ''Notice Regarding Replacement'' in the form as described in Exhibit A, or other substantially similar form approved by the Commissioner. The Notice shall be signed by both applicant and the agent and left with the applicant. Obtain with or as part of each application a list of all existing life insurance to be replaced and properly identified by name of insurer, the insured and contract number. If a contract number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.

(b) Leave with the applicant the original or a copy of written or printed communications used for presentation to the applicant.

(c) Submit to the replacing insurer with the application a copy of the Replacement Notice provided pursuant to §0780-1-24-.05(2)(a).

(3) Each agent who uses written or printed communications in a conservation shall leave with the applicant the original or a copy of such materials used.

(4) In the case of an agent who has been licensed by the Tennessee Department of Commerce and Insurance for less than one hundred twenty (120) days, an application for an insurance policy which will replace an existing policy shall not be taken until ten (10) days after such agent has mailed to the replacing insurer by certified or registered mail, notice of the intention to replace existing insurance, the name(s) of existing insurer(s) and the policy numbers of the policies to be replaced.

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.
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