Section 56-7-1404 - Unfair or deceptive acts in replacement transactionsWith 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;(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.Acts 1988, ch. 989, § 10.