Section 0780-01-24-.08 - DUTIES OF INSURERS WITH RESPECT OF DIRECT RESPONSE SALES(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.Tenn. Comp. R. & Regs. 0780-01-24-.08
Original rule certified June 10, 1974. Repeal and new rule filed August 30, 1982; effective October 1, 1982. Repeal and new rule filed May 17, 1985; effective September 1, 1985.Authority: T.C.A. §§ 56-1-701, 56-2-301, 56-6-127 and 56-8-104.