Magna Life Settlements, Inc. (hereafter the “Company”) respects all individual rights of privacy. The Company understands and shares public concerns regarding the use and protection of nonpublic personal information and is committed to restricting the use and disclosure of such information as required under applicable law to the extent that it comes into the possession of the Company. The Company recognizes and complies with its obligations to maintain confidentiality of all personal, financial, health and medical information received from or pertaining to life settlors and insured individuals in connection with the Company’s consideration of proposals, offers and/ or agreements to purchase life insurance policies in the ordinary course of its business.
In consideration of proposals or offers for sale of life insurance policies, certain types of nonpublic personal information must be obtained by the Company from the life settlors and insured individuals. This information is provided to the Company on forms completed by the life settlors and insured individuals, which their Agent/ Broker then forwards to the Company. The following Notice, in compliance with the federal Gramm-Leach-Bliley Act (hereafter “GLBA,”) describes the Company’s policies and procedures regarding the treatment and handling of this nonpublic personal information.
What Types of Information Does the Company Receive Regarding the Life Settlors and Insured Individuals?
The information received by the Company includes, but is not limited to:
- Identity such as name, address, email address, social security number, driver’s license number and date of birth of the life settlors and insured individuals;
- Transactional information such as the terms of the life settlement contracts and information provided in documents signed by the life settlors and insured individuals related to the transaction;
- Medical or Health Information that may be included in information provided by the life settlors and insured individuals, insurance carrier, healthcare providers, medical underwriters, personal contacts as designated by the insured individuals, or personnel involved in servicing policies on behalf of the Company and confirming the insured individual’s medical or health status.
- Life Expectancy Evaluations from independent medical underwriters, which do not include medical records but may divulge some medical information, such as health conditions, about the insured individuals. (The insured individuals’ medical records are sent by the Company to independent medical underwriting consultants who enter into confidentiality agreements with the Company and who are responsible for maintaining and enforcing their own privacy policies as required by law and applicable regulations.)
- Life Insurance information including the type and terms of life insurance policy, a copy of the policy, a copy of the original application for insurance and a policy illustration provided by the insurance carrier.
How Does the Company Use the Information that It Collects About the Life Settlors and Insured Individuals?
- The Company uses the information it collects in determining whether to purchase certain life insurance policies from individuals.
- The Company does not sell any of the nonpublic personal information regarding the life settlors and insured individuals, nor does it distribute such information to any third parties except as required or permitted by law.
Who Has Access to the Information Once It Is Submitted to the Company?
- Access to nonpublic personal information is restricted to the Company’s employees who need to know or access such information to provide life settlement services. Nonpublic personal information may be shared by the Company with unaffiliated companies that provide support services to the Company, but only to extent necessary for the Company to properly conduct its business and manage the policy.
- The Company is serious about the security of the information in its filing and computer systems. The Company uses a system of passwords, firewalls and other physical, electronic and procedural safeguards designed to protect against the unauthorized access to nonpublic personal information.
- The Company periodically updates its technology and the education of its employees and consultants about the importance of maintaining privacy striving to implement the best practices to ensure that nonpublic information is protected as required by applicable law.
What Happens if a Policy is Later Transferred by the Company?
- If a policy is transferred by the Company, it will only be transferred pursuant to a written agreement that expressly requires that the entity acquiring the policy must acknowledge and agree to preserve the private and confidential nature of nonpublic personal information.
Will the Company Share Information with Affiliated or Non-Affiliated Companies?
- The Company may share nonpublic personal information with affiliated companies in order to administer, process, enforce or service its policies. The Company does not sell or share nonpublic personal information with any other company for marketing purposes.
- The Company may share nonpublic personal information with the following types of non-affiliated third parties: [Where required, the Company obtains signed consent from the individual authorizing the Company to share his or her information.]
- Life settlement brokers, independent life settlement providers, agents, attorneys and financial advisors representing the life settlors and/ or insured individuals directly in connection with the life settlement transaction.
- Medical underwriters who provide life expectancy evaluations to the Company at the request of an independent provider or the Broker representing the life settlors and insured individuals. These underwriters’ privacy policies are available to the provider or broker representing the life settlors and insured individuals, who may request them directly from the underwriter.
- Service Providers, Consultants and funding entities who work with the Company directly in connection with evaluating, processing and closing settlement transactions. These include the Company’s funding entities and their advisors, trustees and independent escrow agents. Such parties are required to sign written agreements obligating them to preserve confidentiality and privacy of nonpublic personal information.
- Insurance Carriers who have issued the policies that life settlors propose to sell to the Company. Carriers may be contacted directly to confirm their privacy policies.
- Funding Entities that act as capital providers to which policies are transferred, and their advisors and trustees, each of which agrees in writing to the preserve confidentiality and privacy of nonpublic personal information.
- Consultants and service providers who work under contract to the Company for policy administration and tracking, each of which agrees in writing to preserve the confidentiality and privacy of nonpublic personal information.
- Consultants and service providers who work for the Company to assist with design and maintenance of computer systems and other general business support, each of which agrees in writing to preserve confidentiality and privacy of nonpublic personal information.
- Regulators and legal authorities that the Company must report to as a matter of law.
Yes. The Company reserves the right to amend, revise or supplement this notice of privacy policies at any time. In the event of such changes, the Company will deliver a revised notice of our privacy policies as required by applicable law. Please direct all questions regarding this notice in writing to Magna Life Settlements, Inc. 835 West 6th Street, Suite 1400 Austin, TX 78703.