N.Y. Insurance Law § 2111: Revoked licensees

§ 2111. Revoked licensees. (a) (1) No individual, corporation,

partnership, association, firm or entity subject to the provisions of

this chapter whose license under this article has been revoked, or whose

license to engage in the business of insurance in any capacity has been

revoked by any other state or territory of the United States shall

become employed or appointed as an officer, director, manager,

controlling person or for other services, without the prior written

approval of the superintendent, unless such services are for maintenance

or are clerical or ministerial in nature.

(2) No individual, corporation, partnership, association, firm or

entity subject to the provisions of this chapter shall knowingly employ

or appoint any person or entity whose license issued under this article

has been revoked, or whose license to engage in the business of

insurance in any capacity has been revoked by any other state or

territory of the United States, as an officer, director, manager,

controlling person or for other services, without the prior written

approval of the superintendent, unless such services are for maintenance

or are clerical or ministerial in nature.

(3) No corporation or partnership subject to the provisions of this

chapter shall knowingly permit any person whose license issued under

this article has been revoked, or whose license to engage in the

business of insurance in any capacity has been revoked by any other

state, or territory of the United States, to be a shareholder or have an

interest in such corporation or partnership, nor shall any such person

become a shareholder or partner in such corporation or partnership,

without the prior written approval of the superintendent.

(4) For the purpose of this section a "controlling person" is any

person who or which, directly or indirectly, has the power to direct or

cause to be directed the management, control or activities of such

licensee.

(b) The superintendent may approve the employment, appointment or

participation of any such person whose license has been revoked:

(1) if he determines that the duties and responsibilities of such

person are subject to appropriate supervision and that such duties and

responsibilities will not have an adverse effect upon the public, other

licensees, or the licensee proposing employment or appointment of such

person; or

(2) if such person has filed an application for relicensing pursuant

to this article and the application for relicensing has not been

approved or denied within one hundred twenty days following the filing

thereof, unless the superintendent determines within the said time that

employment or appointment of such person by a licensee in the conduct of

an insurance business would not be in the public interest.

(c) The provisions of this section shall not apply to the ownership of

shares of any corporation licensed pursuant to this article if the

shares of such corporation are publicly held and traded in the

over-the-counter market or upon any national or regional securities

exchange.

(d) The provisions of this section shall apply to relationships

created or proposed on or after September first, nineteen hundred

eighty-two, as well as to any person whose license is revoked on or

after such date.

(e) The provisions of section one hundred thirty of the former

insurance law, as added by chapter four hundred twenty-seven of the laws

of nineteen hundred eighty and repealed and added by chapter four

hundred eighty-four of the laws of nineteen hundred eighty-two, shall be

deemed to be and remain in full force and effect and be so applicable

with respect to relationships created or proposed, and germain to such

section prior to September first, nineteen hundred eighty-two, as well

as to any person whose license was revoked on or before such date.