Section 1203. Non-use of corporate charter

(a) Any domestic insurance
  company which, after one year from the date of  its  incorporation,  has
  not  organized  and obtained a certificate of authority or license to do
  an insurance business, shall, unless granted an extension,  forfeit  its
  corporate  charter,  and  the  superintendent  may  thereupon commence a
  proceeding, pursuant to the provisions of article seventy-four  of  this
  chapter,  to liquidate and dissolve such corporation. The superintendent
  may for good cause shown grant a  written  extension  of  such  one-year
  period  upon  a  written  request  filed  with him within such period or
  during the pendency of any  examination  or  investigation  pursuant  to
  paragraph  one of subsection (e) of section one thousand one hundred two
  of this chapter, whichever is longer.
    (b) Any domestic insurer which ceases to do any insurance business for
  more than one year continuously shall forfeit its  right  to  resume  an
  insurance   business,   except   with   the   prior   approval   of  the
  superintendent.   Unless   such   approval   shall   be   granted,   the
  superintendent  may commence a proceeding, pursuant to the provisions of
  article seventy-four of this chapter, to  liquidate  and  dissolve  such
  insurer.