Section 0780-01-71-.10 - PROHIBITED PRACTICES(1) A life settlement provider, life settlement broker or life settlement representative shall not provide identifying information to any person, except to the commissioner or to any other governmental officer or agency, unless the insured and owner provide written consent to the release of the information.(2) A life settlement provider, life settlement broker or life settlement representative shall obtain from a person that is provided with medical, financial, identifying information or information otherwise deemed to be nonpublic personal information pursuant to the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, except the commissioner or any other governmental officer or agency, a signed affirmation that the person or entity will not further divulge the information without procuring the express, written consent of the insured for the disclosure. Notwithstanding the foregoing, if a life settlement provider, life settlement broker or life settlement representative is served with a subpoena by a person other than the commissioner or any other governmental officer or agency and, therefore, compelled to produce records containing identifying information, it shall notify the owner and the insured in writing at their last known addresses within five (5) business days after receiving notice of the subpoena, unless required by law to provide earlier or different notice.(3) A life settlement provider shall not act also as a life settlement broker, whether entitled to collect a fee directly or indirectly, in the same life settlement.(4) A life settlement broker shall not, without the written agreement of the owner obtained prior to performing any services in connection with a life settlement, seek or obtain any compensation from the owner.(5) A life settlement provider shall not use a longer life expectancy than is supported by medical history and health status in order to reduce the payout to which the owner is entitled.Tenn. Comp. R. & Regs. 0780-01-71-.10
Original rule filed February 7, 2003; effective April 23, 2003.Authority: T.C.A. §§ 56-50-106, 56-50-109, and 56-50-110.