Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-86 - Suitability in Annuity Transactions
Section 0780-01-86-.08 - COMPLIANCE MITIGATION; PENALTIES; ENFORCEMENT

Universal Citation: TN Comp Rules and Regs 0780-01-86-.08

Current through September 24, 2024

(1) An insurer is responsible for compliance with this Chapter. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order, pursuant to statutory authority granting power for such order:

(a) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this Chapter by the insurer, by its producer, or an entity contracted to perform the insurer's supervisory duties;

(b) A general agency, independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this Chapter; and

(c) Appropriate penalties and sanctions.

(2) Any applicable penalty under T.C.A. §§ 56-1-411, 56-2-305, 56-6-112, or 56-8-101 et seq. for a violation of this Chapter may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.

(3) The authority to enforce compliance with this Chapter is vested exclusively with the commissioner.

Authority: T.C.A. §§ 56-1-408, 56-1-409, 56-1-411, 56-1-416, 56-2-301, 56-2-305, 56-3-508, 56-6-112, 56-6-124, and 56-8-101 et seq.

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