§ 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this chapter whose license under this article has been revoked, or whose
license to engage in the business of insurance in any capacity has been
revoked by any other state or territory of the United States shall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has been revoked, or whose license to engage in the business of
insurance in any capacity has been revoked by any other state or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this article has been revoked, or whose license to engage in the
business of insurance in any capacity has been revoked by any other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participation of any such person whose license has been revoked: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.