Common use of NOTICE OF REPRESENTATIVE'S NONCOMPLIANCE Clause in Contracts

NOTICE OF REPRESENTATIVE'S NONCOMPLIANCE. In the event a Representative fails or refuses to submit to supervision of General Agent and Broker-Dealer, ceases to be a registered representative of Broker-Dealer or otherwise fails to meet the rules and standards imposed by General Agent and Broker-Dealer on Representatives, General Agent and Broker-Dealer, as the case may be, shall immediately advise CUNA Mutual and CUNA Brokerage of this fact and shall immediately notify such Representative that s/he is no longer authorized to sell the Products. General Agent or Broker-Dealer shall take whatever additional action may be necessary to terminate the selling and service activities of such Representative relating to the Products, which shall include, but not be limited to, acquiring all the customer records and files of the Representative relating to the Products. General Agent and Broker-Dealer agree to retain such customer records as required by applicable federal or state laws and regulations and to provide access to such records as CUNA Mutual or CUNA Brokerage may reasonably request.

NOTICE OF REPRESENTATIVE'S NONCOMPLIANCE. In the event a Representative fails or refuses to submit to supervision of General Agent and Broker-Dealer, ceases to be a registered representative of Broker-Dealer or otherwise fails to meet the rules and standards imposed by General Agent and Broker-Dealer on Representatives, General Agent and Broker-Dealer, as the case may be, shall immediately advise CUNA Mutual MLIC and CUNA Brokerage of this fact and shall immediately notify such Representative that s/he is no longer authorized to sell the Products. General Agent or Broker-Dealer shall take whatever additional action may be necessary to terminate the selling and service activities of such Representative relating to the Products, which shall include, but not be limited to, acquiring all the customer records and files of the Representative relating to the Products. General Agent and Broker-Dealer agree to retain such customer records as required by applicable federal or state laws and regulations and to provide access to such records as CUNA Mutual MLIC or CUNA Brokerage may reasonably request.