§ 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.