.07 Term of Certification and Recertification.

A. A certificate of registration:

(1) Is not transferable; and

(2) Expires on the second anniversary of its effective date unless certification has been renewed for another 2-year term.

B. Before certification expires, a private review agent may renew its certification if the certified private review agent:

(1) Otherwise is entitled to be certified;

(2) Pays to the Commissioner the nonrefundable renewal fee of $1,500; and

(3) Submits to the Commissioner:

(a) A renewal application on a form that the Commissioner requires, and

(b) An update of the information required under Regulation .02B of this chapter.

C. The Commissioner shall renew the certification of each certified private review agent if the requirements of this chapter are met.