(1) A license of a third party administrator expires on its expiration date unless it is renewed on or before its expiration date.

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(2) Unless the Director of the Department of Consumer and Business Services designates another date, a license expires on the last day of the month in which the second anniversary of the initial issuance date of the license occurs, and on the second anniversary following each renewal.

(3) The director by rule may establish requirements for renewing licenses of third party administrators. [1991 c.812 § 8]