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This entry was published on 2022-03-04
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SECTION 2910
Revoked registrations or licenses
Insurance (ISC) CHAPTER 28, ARTICLE 29
§ 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this article whose registration or license under this article has been
revoked, or whose registration or license to engage in the business of
pharmacy benefit management in any capacity has been revoked by any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has been revoked, or whose registration or license to engage in the
business of pharmacy benefit management in any capacity has been revoked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issued under this article has been revoked, or whose registration or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capacity has been revoked by any other state, or territory of the United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participation of any such person whose registration or license has been
revoked: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.