N.Y. Insurance Law § 2910: Revoked registrations or licenses

§ 2910. Revoked registrations or licenses. (a)(1) No person, firm,

association, corporation or other entity subject to the provisions of

this article whose registration or license under this article has been

revoked, or whose registration or license to engage in the business of

pharmacy benefit management in any capacity has been revoked by any

other state or territory of the United States shall become employed or

appointed by a pharmacy benefit manager 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 person, firm, association, corporation or other entity subject

to the provisions of this article shall knowingly employ or appoint any

person or entity whose registration or license issued under this article

has been revoked, or whose registration or license to engage in the

business of pharmacy benefit management in any capacity has been revoked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

article shall knowingly permit any person whose registration or license

issued under this article has been revoked, or whose registration or

license to engage in the business of pharmacy benefit management 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capacity has been revoked by any other state, or territory of the United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.

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

participation of any such person whose registration or license has been

revoked:

(1) if the superintendent 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 registrants or licensees, or the

registrant or licensee proposing employment or appointment of such

person; or

(2) if such person has filed an application for reregistration or

relicensing pursuant to this article and the application for

reregistration or 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 registrant or licensee in the conduct of

a pharmacy benefit management 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 registered or 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.