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-.08 - DUTIES OF INSURERS WITH RESPECT OF DIRECT RESPONSE SALES
Universal Citation: TN Comp Rules and Regs 0780-01-24-.08
Current through September 24, 2024
(1) If in the solicitation of a direct response sale, the insurer did not propose the replacement, and a replacement is involved, the insurer shall send to the applicant with the policy a Replacement Notice as described in Exhibit A or other substantially similar form approved by the Commissioner. In such instances the insurer may delete the last sentence and the references to signatures from Exhibit A without having to obtain approval of the form from the Commissioner.
(2) If the insurer proposed the replacement it shall:
(a) Provide to applicants or
prospective applicants with or as a part of the application a Replacement
Notice as described in Exhibit A or other substantially similar form approved
by the Commissioner.
(b) Request
from the applicant with or as part of the application, a list of all existing
life insurance to be replaced and properly identified by name of insurer and
insured.
(c) Comply with the
requirements of §0780-1-24-.07(2)(b), if the applicant
furnishes the names of the existing insurers, and the requirements of
§0780-1-24-.07(3), except that it need not maintain a
replacement register.
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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