1. (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. (2) If the insurer proposed the replacement it shall:

   1. (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.
   2. (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.
   3. (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. Administrative History: 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.