§ 2111 — Revoked licensees

§ 2111. Revoked licensees. (a) (1) No individual, corporation,\npartnership, association, firm or entity subject to the provisions of\nthis chapter whose license under this article has been revoked, or whose\nlicense to engage in the business of insurance in any capacity has been\nrevoked by any other state or territory of the United States shall\nbecome employed or appointed as an officer, director, manager,\ncontrolling person or for other services, without the prior written\napproval of the superintendent, unless such services are for maintenance\nor are clerical or ministerial in nature.\n (2) No individual, corporation, partnership, association, firm or\nentity subject to the provisions of this chapter shall knowingly employ\nor appoint any person or entity whose license issued under this article\nhas been revoked, or whose license to engage in the business of\ninsurance in any capacity has been revoked by any other state or\nterritory of the United States, as an officer, director, manager,\ncontrolling person or for other services, without the prior written\napproval of the superintendent, unless such services are for maintenance\nor are clerical or ministerial in nature.\n (3) No corporation or partnership subject to the provisions of this\nchapter shall knowingly permit any person whose license issued under\nthis article has been revoked, or whose license to engage in the\nbusiness of insurance in any capacity has been revoked by any other\nstate, or territory of the United States, to be a shareholder or have an\ninterest in such corporation or partnership, nor shall any such person\nbecome a shareholder or partner in such corporation or partnership,\nwithout the prior written approval of the superintendent.\n (4) For the purpose of this section a "controlling person" is any\nperson who or which, directly or indirectly, has the power to direct or\ncause to be directed the management, control or activities of such\nlicensee.\n (b) The superintendent may approve the employment, appointment or\nparticipation of any such person whose license has been revoked:\n (1) if he determines that the duties and responsibilities of such\nperson are subject to appropriate supervision and that such duties and\nresponsibilities will not have an adverse effect upon the public, other\nlicensees, or the licensee proposing employment or appointment of such\nperson; or\n (2) if such person has filed an application for relicensing pursuant\nto this article and the application for relicensing has not been\napproved or denied within one hundred twenty days following the filing\nthereof, unless the superintendent determines within the said time that\nemployment or appointment of such person by a licensee in the conduct of\nan insurance business would not be in the public interest.\n (c) The provisions of this section shall not apply to the ownership of\nshares of any corporation licensed pursuant to this article if the\nshares of such corporation are publicly held and traded in the\nover-the-counter market or upon any national or regional securities\nexchange.\n (d) The provisions of this section shall apply to relationships\ncreated or proposed on or after September first, nineteen hundred\neighty-two, as well as to any person whose license is revoked on or\nafter such date.\n (e) The provisions of section one hundred thirty of the former\ninsurance law, as added by chapter four hundred twenty-seven of the laws\nof nineteen hundred eighty and repealed and added by chapter four\nhundred eighty-four of the laws of nineteen hundred eighty-two, shall be\ndeemed to be and remain in full force and effect and be so applicable\nwith respect to relationships created or proposed, and germain to such\nsection prior to September first, nineteen hundred eighty-two, as well\nas to any person whose license was revoked on or before such date.\n