(a) A certificate issued pursuant to Section 22-4-62 is valid for a period of three years. An applicant may renew its certificate in three-year increments. An application for renewal shall include:
(1) A certification that the engagement has continued and will continue in good faith and continues to be reasonably necessary to further the state’s policy set forth in this article;
(2) An explanation of how the engagement has furthered the state’s policy as set forth in this article; and
(3) Any other information requested by the State Health Planning and Development Agency.
(b) The State Health Planning and Development Agency may approve the renewal, in whole or in part, or on an amended basis, if it determines that the activities continue to be reasonably necessary to further the state’s policy set forth in this article and the benefits of the proposed activities outweigh foreseeable anticompetitive effects.