A company may petition the commissioner for issuance or reinstatement of a certificate of authority of the company that is denied or revoked under this subchapter:
(1) not earlier than the later of:
(A) the fifth anniversary of the date of the final conviction; or
(B) if the officer or director is sentenced to confinement or imprisonment or placed on community supervision, the fifth anniversary of the date the officer or director completes the sentence or period of community supervision; or
(2) after the officer or director ceases to be an officer or director of the insurer.