Privacy Policy

Suncrest Marketplace

Terms and Conditions of Use

 

By accessing, listing any policy on, or entering any bid into, or otherwise using the Suncrest benefits life settlement marketplace, the participant agrees to be bound by, and comply with, the Suncrest Marketplace Rules and all applicable Laws and Regulations.

Amendment of Terms and Conditions of Use

Suncrest may, in its sole and absolute discretion at any time, adopt New Rules and amend, repeal or supplement any existing Rule.  All such new Rules, amendments, supplements and repeals shall become effective and binding upon  Participants immediately upon posting on the Suncrest Marketplace website.

 

                                                                                                                                                        I.  DEFINITIONS

Account. With respect to each Participant, an account with Suncrest for such Participant’s access and usage of Suncrest Marketplace.

Affiliate. With respect to any specified Person, any other Person that directly, or indirectly ‎through one or more intermediaries, controls, is controlled by, or is under common control ‎with, such specified Person. For purposes of this definition, “control” (including the terms ‎‎“controlled by” and “under common control with”) with respect to the relationship ‎between or among two (2) or more Persons, means the possession, directly or indirectly, ‎of the power to direct or cause the direction of the management and policies of a Person ‎whether through the ownership of voting securities, by contract or otherwise.   ‎

 Anti-Money Laundering Laws. All applicable laws, regulations and government guidance on the prevention and detection of money laundering, including 18 U.S.C. Sections 1956 and 1957, and the BSA.

Applicable Law. With respect to any Person or Policy, any statute, law, regulation, rule or ordinance of any Governmental Authority applicable to such Person or Policy.

Auction. Collectively, the listing of Policies, submission of Bids, confirmation of Bids and any and all acts, processes and transactions related thereto pursuant to a Listing Agent Agreement and Participant Documents which occur through Suncrest Marketplace.

Auction Period.  The duration of an Auction with respect to any Listed Policy for which a Bid may be ‎placed by a ‎Participant and may be accepted by Suncrest, on behalf of and solely at the ‎direction of applicable Policy Owner, ‎as established by Suncrest Market.‎

Authorized User. A Person, whether an employee, agent or otherwise, who is disclosed to Suncrest Marketplace and is given access to a Suncrest Marketplace Participant’s Account and Password under the direction, control or access of such Suncrest Marketplace Participant.

Bid. The submission by a Participant or an Authorized User of an offer to purchase a Listed Policy at a specific dollar amount (in U.S. Dollars).

Bidder. A Participant or its Authorized User who is participating in an Auction by submitting a Bid or Bids.

Bidding Hours. With respect to any Listed Policy, the hours during which Suncrest Marketplace accepts Bids for such Listed Policy, as stated in the Rules.‎

BSA. The Bank Secrecy Act (31 U.S.C. Section 5311 et. seq.), and its implementing regulations, Title 31 Part 103 of the U.S. Code of Federal Regulations.

Business Day. Any day on which Suncrest Marketplace is open for listing, bidding or transacting business, as determined by Suncrest Marketplace.

Closed Life Settlement Transaction Documents. Participant’s life or viatical settlement application, life or viatical ‎settlement agreement and related transaction forms duly executed by Participant. ‎

Closing Date. The date on which Suncrest Marketplace declares that the purchase and sale of any Listed Policy has closed, upon satisfaction of all closing conditions have been satisfied, including, without limitation, acknowledgement by the Insurer that the applicable change of ownership and change of beneficiary forms such that the ownership of and the beneficiary rights under such Listed Policy have vested in the Buyer Participant or any securities intermediary acting on the Buyer Participant’s behalf.

Closing Price. With respect to any Listed Policy, the purchase price associated with the Winning Bid.

Confidential Policy Identification Information. Non-Public Personal Information and Protected Health Information that identifies the Insured, including but not limited to, name, address, telephone and social security numbers.

Confirmation. A notice of a confirmation of a Winning Bid of a Listed Policy to be delivered by Suncrest Marketplace to the Participant submitting such Winning Bid.

Escrow Agent.  A banking institution or other permitted Person that acts in the capacity as escrow agent ‎under an Escrow Agreement‎. 

Escrow Agreement. An agreement to be entered into by and among Participant, Policy Owner and Escrow Agent in connection with a Life Settlement Transaction.

Escrowed Funds. The funds deposited by Participant and held in escrow by the Escrow Agent pursuant to the Escrow Agreement, in an amount equal to the Closing Price.

FCRA. The Fair Credit Reporting Act and regulations promulgated thereunder.

 

Financing Entity Participant.  An underwriter, placement agent, lender, purchaser of securities, purchaser of a policy or certificate from a provider, credit enhancer, or any entity that has a direct ownership in a policy or certificate that is the subject of a life settlement contract providing funds to effect life settlement contract or purchase of a Policy, and who has entered into a Financing Entity Participant Agreement.

Financing Entity Participant Agreement.  A Financing Entity Participant Agreement to be entered into by and between Suncrest Marketplace and Financing Entity Participant.

GLBA. The Gramm-Leach-Bliley Act of 1999 and state insurance laws or regulations, including, without limitation, viatical and life settlement laws and regulations, enacted pursuant thereto, as each may be amended from time to time.

Governmental Authority. Any federal, regional, state, local executive, legislative, judicial, regulatory, legal or administrative agency, court, commission, department, taxing authority, or other authority thereof having jurisdiction over Listed Policies and Suncrest Marketplace Participants.

HIPAA. The Health Insurance Portability and Accountability Act of 1996 and regulations promulgated thereunder.

Insured. An individual whose life is insured by a Policy.

Insurer. Insurance company that has issued a Policy.

Licensed Provider. A licensed viatical or life settlement provider in a state that requires a viatical or life settlement provider to be licensed.

Life Settlement Transaction. The sale of Policy by the Policy Owner to Provider and the transfer of the ownership and all rights and interests under such Secondary Sale Policy.

Life Settlement Transaction Documents. The Life Settlement Provider Agreement and all closing documents utilized by a Participant in connection with, and to effectuate, a closing of a Life Settlement Transaction.

Listed Policy. A Policy listed by Suncrest on Suncrest Marketplace as available for Bids by Participants.

Non-Public Personal Information. Non-public personally identifiable information regarding Policy Owners and/or Insureds that constitutes “non-public personal information” as such term is defined in GLBA.

OFAC Laws and Regulations. The Executive Order 13224 issued by the President of the United States of America, the Terrorism Sanctions Regulations (Title 31 Part 595 of the U.S. Code of Federal Regulations), the Terrorism List Governments Sanctions Regulations (Title 31 Part 596 of the U.S. Code of Federal Regulations), the Foreign Terrorist Organizations Sanctions Regulations (Title 31 Part 597 of the U.S. Code of Federal Regulations), and the Cuban Assets Control Regulations (Title 31 Part 515 of the U.S. Code of Federal Regulations), and all other present and future federal, state and local laws, ordinances, regulations, policies, lists (including, without limitation, the Specially Designated Nationals and Blocked Persons List) and any other requirements of any Governmental Authority (including, without limitation, the United States Department of the Treasury Office of Foreign Assets Control) addressing, relating to, or attempting to eliminate, terrorist acts and acts of war, each as hereafter supplemented, amended or modified from time to time, and the present and future rules, regulations