2023 New York Laws › ISC - Insurance › Article 21 - Agents, Brokers, Adjusters, Consultants and Intermediaries › 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this chapter whose license under this article has been revoked, or whose
license  to engage in the business of insurance in any capacity has been
revoked by any other state or  territory  of  the  United  States  shall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has been revoked,  or  whose  license  to  engage  in  the  business  of
insurance  in  any  capacity  has  been  revoked  by  any other state or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this article has been  revoked,  or  whose  license  to  engage  in  the
business  of  insurance  in  any  capacity has been revoked by any other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participation of any such person whose license has been revoked: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.