Section 0780-01-04-.02 - EXISTING INSURANCE-CHOICE OF INSURER(1) When life insurance or accident and health insurance is requested by a creditor, the debtor shall have the option, upon notice to the creditor, if furnishing existing policies of insurance, or procuring and furnishing new policies of insurance, owned or controlled by him and issued by any insurer authorized to transact an insurance business in this state for an amount not less than the indebtedness, and for the term and type of insurance coverage requested by the creditor. Any such policy furnished by the debtor shall not be subject to this chapter, unless procured through or administered by the creditor or an agent or broker designated by or associated with the creditor. (1) Insurers writing credit insurance shall be responsible for establishment of procedures by which creditors are furnished a sufficient number of printed notices informing their debtors of said option. Creditors shall prominently display such notices.Tenn. Comp. R. & Regs. 0780-01-04-.02
Original rule certified June 10, 1974.Authority: T.C.A. §§ 45-5-403, 56-7-901 and 56-8-110.