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Washington Agent Termination Form (U5)

Washington Agent Termination Form (U5)

Name: Washington Agent Termination Form (U5)
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.79 (324 reviews)

Category:

Washington Secretary of State - Blue Sky - Securities

State:

Washington

Control #:

WA-SKU-1519

Format:

Instant download

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Description

Agent Termination Form (U5) The Washington Agent Termination Form (U5) is a document used by insurance companies in the state of Washington to terminate the appointment of an insurance agent. The form is used to notify the Washington State Office of the Insurance Commissioner (OIC) and the Washington State Department of Licensing (DOL) of the termination of the agent’s appointment. There are three types of Washington Agent Termination Forms available: U5-A, U5-B, and U5-C. U5-A is used to terminate an agent's appointment with an insurance company in Washington. U5-B is used to terminate an agent's appointment with a surplus lines broker in Washington. U5-C is used to terminate an agent's appointment with a risk-retention group in Washington. The form must be completed and signed by the terminating insurance company or broker, and submitted to the OIC and DOL.

The Washington Agent Termination Form (U5) is a document used by insurance companies in the state of Washington to terminate the appointment of an insurance agent. The form is used to notify the Washington State Office of the Insurance Commissioner (OIC) and the Washington State Department of Licensing (DOL) of the termination of the agent’s appointment. There are three types of Washington Agent Termination Forms available: U5-A, U5-B, and U5-C. U5-A is used to terminate an agent's appointment with an insurance company in Washington. U5-B is used to terminate an agent's appointment with a surplus lines broker in Washington. U5-C is used to terminate an agent's appointment with a risk-retention group in Washington. The form must be completed and signed by the terminating insurance company or broker, and submitted to the OIC and DOL.

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FAQ

The Form U5 is a document used to report the termination of financial advisor (FAs) registrations from a firm or in a particular jurisdiction.

Note: Even if you are no longer registered, you continue to be subject to the jurisdiction of regulators for at least two years after your registration is terminated and may have to provide information about your activities while associated with this firm.

As stated in Regulatory Notice 17-30, to be eligible for the waiver program, FINRA requires individuals to start working for a member's financial services affiliate promptly and in no event later than 30 calendar days after the member has terminated the individual's registration.

The form u-5 Form U5 requires firms to indicate whether a termination was full, and if so, give a Reason for Termination (?Discharged,? ?Other,? ?Permitted to Resign,? ?Deceased,? or ?Voluntary?), and a Termination Explanation if the reason for termination was ?Permitted to Resign,? ?Discharged,? or ?Other.?

A firm must file a Form U5 anytime one of its registered employees leaves the firm. The date this takes place becomes an important one, because your two-year window of registration begins at that time. If you do not become employed with a registered firm before the two years is up, you lose your registration.

Firms can access their pending U5 filings through the Site Map or the Forms tab. Enter the individual's CRD Number or SSN and click Search.

A Form U5 must be submitted within 30 days of the individual's employment end date and generally must be filed electronically.

More info

Full Form: A full Form U5 is used when terminating an individual from the firm. Registrations with all SROs and jurisdictions will be terminated.The Form U5 is used for any termination: full, partial, or an amendment. The Form U5 is a document used to report the termination of financial advisor (FAs) registrations from a firm or in a particular jurisdiction. Items 20 - 27 — For full termination filings, complete Section 7 (DISCLOSURE. QUESTIONS) and use the Disclosure Reporting Page(s). For full termination filings, complete Section 7 (DISCLOSURE. Items 17 - 23 — A complete date of termination is required for full termination. The Form U5 is the Uniform Termination Notice for Securities Industry Registration. Full Form: A full Form U5 is used when terminating an individual from the firm.

Washington Agent Termination Form (U5)

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What is a U5 termination?

How long does FINRA retain jurisdiction after the filing of a form U5 full termination?

How long does a person have after the filing of a full termination form U5 to associate with a member firm before they must qualify by taking an appropriate exam?

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