(a)

1. (1) A certificate of registration issued to an online marketplace guarantee provider shall expire one (1) year from the date of issuance provided on the certificate of registration unless the registration is successfully renewed.
2. (2) Thereafter, the certificate of registration shall expire annually on the anniversary of such date unless successfully renewed.

(b) At least thirty (30) days prior to expiration, each holder of a certificate of registration shall submit the following:

1. (1) An annual renewal fee of one thousand dollars ($1,000); and
2. (2) A completed annual renewal form provided by the Insurance Commissioner notifying the commissioner of any material changes occurring the previous year.

(c) After receiving the items described in subsection(b) of this section, the commissioner shall:

1. (1) Review the documentation submitted by the applicant and request any additional documentation to ensure the applicant complies with the Online Marketplace Guarantees Act, Arkansas Code § 23-66-801 et seq., and this part; and

2. (2)

   1. (A) Issue a renewal of the certificate of registration to the applicant; or
   2. (B)

(i) Deny renewal of the certificate of registration if the applicant fails to meet the requirements of the Online Marketplace Guarantees Act or this part.

1. (ii) The commissioner shall provide the basis for the denial within a written notice of denial.

   1. (iii) If the applicant submits a written request for a hearing within thirty (30) days of receiving the notice of denial, the commissioner shall conduct a hearing in which the applicant shall be given an opportunity to demonstrate that its renewal application meets the requirements of the Online Marketplace Guarantees Act and this part.