An administrator that is operating before the effective date of this act shall apply for a license under N.M. Stat. Ann. Chapter 59A, Article 11 not later than the sixtieth day after the effective date of this act. An administrator who has made application as provided by this section may continue to operate if it otherwise complies with applicable law, until such time as the superintendent acts on its application. If denied a license, the third party administrator may not act as a third party administrator but may appeal the superintendent’s determination as provided by N.M. Stat. Ann. Chapter 59A, Article 4.