With respect to any policy of medicare supplement insurance in a replacement transaction, as the term has been defined by the commissioner, the following are unfair or deceptive acts and shall be sanctioned as provided in chapter 8 of this title:

(1) In the case of any insurer, failing to provide an unconditional refund offer of at least thirty (30) days from the date of delivery of the policy;
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Terms Used In Tennessee Code 56-7-1404

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • Statute: A law passed by a legislature.
(2) In the case of any insurer, failing to send any notice required by statute or rule to an existing insurer; or
(3) In the case of replacement of a medicare supplement insurance policy, failing to give notice to an applicant for medicare supplement insurance of the adverse consequences that may result from surrendering an existing insurance policy prior to the determination of insurability by the replacing insurer. The notice shall be in the form prescribed by the commissioner, and receipt of the notice shall be acknowledged by signature of the applicant. A copy of the signed notice shall be provided to the existing insurer in accordance with rules adopted by the commissioner.
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