2023 New York Laws › ISC - Insurance › Article 29 - Pharmacy Benefit Managers › 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this  article  whose registration or license under this article has been
revoked, or whose registration or license to engage in the  business  of
pharmacy  benefit  management  in  any  capacity has been revoked by any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has been revoked, or whose registration or  license  to  engage  in  the
business of pharmacy benefit management in any capacity has been revoked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issued  under  this  article  has been revoked, or whose registration or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capacity has been revoked by any other state, or territory of the United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participation  of any such person whose registration or license has been
revoked: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.