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  this chapter whose license under this article has been revoked, or whose
  license  to engage in the business of insurance in any capacity has been
  revoked by any other state or  territory  of  the  United  States  shall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  has been revoked,  or  whose  license  to  engage  in  the  business  of
  insurance  in  any  capacity  has  been  revoked  by  any other state or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  this article has been  revoked,  or  whose  license  to  engage  in  the
  business  of  insurance  in  any  capacity has been revoked by any other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  participation of any such person whose license has been revoked: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