(b) Before certification expires, the certified private agent may renew its certification for an additional two-year term, if the certified private review agent:

1. (1) Otherwise is entitled to be certified;
2. (2) Pays to the Secretary of the Department of Health the renewal fee of two thousand five hundred dollars ($2,500); and

3. (3) Submits to the secretary:

   1. (A) A renewal application on the form that the secretary requires; and
   2. (B) An update of information as required under 20 CAR § 50-103.